Kospi Rallies 3.4% Above 7,400 on Foreign, Institutional Buying; Samsung Electronics, SK Hynix Jump
Summary
- The Kospi rebounded more than 3% to rise above the 7,400 level.
- On the main Kospi market, foreign investors and institutions were net buyers, while sharp gains in Samsung Electronics and SK Hynix led the index higher.
- On the Kosdaq market, the Kosdaq index also rose as institutions were net buyers, with some large-cap names including Rainbow Robotics advancing.
Forecast Trend Report by Period
The Kospi rose more than 3% in early trading on July 9, climbing back above the 7,400 level. Bargain buying in battered semiconductor shares fueled the rebound despite renewed military tensions between the U.S. and Iran.
As of 9:08 a.m., the benchmark index had gained 246.62 points, or 3.4%, to 7,493.41. The Kospi opened up 3.31% and maintained that momentum early in the session.
On the main bourse, foreign investors were net buyers of 296.5 billion won and institutions bought a net 614.6 billion won. Retail investors were net sellers of 954.8 billion won.
Samsung Electronics and SK Hynix, the market's semiconductor bellwethers, climbed more than 3% and 8%, respectively, leading the index higher. Other large-cap Kospi stocks posting gains included SK Square, Samsung Electro-Mechanics, Samsung C&T and KB Financial Group. Hyundai Motor, LG Energy Solution, Samsung Life Insurance and Samsung Biologics fell.
The Kosdaq also rose, up 7.47 points, or 0.95%, at 792.47 at the same time. On the Kosdaq market, institutions were net buyers of 25 billion won, while retail and foreign investors were net sellers of 23.6 billion won and 3 billion won, respectively.
Among Kosdaq heavyweights, Rainbow Robotics, Jusung Engineering, Kolon TissueGene, Wonik IPS and PSK advanced. Alteogen, EcoPro BM and EcoPro declined.
Ko Jung-sam, Hankyung.com reporter jsk@hankyung.com
Korea Economic Daily
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