Kospi Reclaims 7,000 in Early Trade on Strength in US Tech Stocks
Summary
- The Kospi recovered the 7,000 level early in the session on the back of a rally in US tech stocks.
- On the main Kospi market, foreign and retail investors were net buyers while institutions were net sellers, with large-cap stocks broadly advancing.
- The Kosdaq extended its winning streak to five sessions, as foreign investors bought shares and battery and robot-related stocks moved higher.
Forecast Trend Report by Period
The Kospi reclaimed the 7,000 level early Friday, lifted by gains in US technology stocks. The benchmark moved above 7,000 intraday for the first time since July 24, snapping a 15-session stretch below that level.
As of 9:04 a.m. on August 14, the Kospi was up 2.75% from the previous session at 7,000.64. The advance followed overnight strength in tech shares on Wall Street as inflation pressures eased and international oil prices fell.
On the main board, foreign investors were net buyers of 150.5 billion won, while retail investors purchased a net 529.2 billion won. Institutions were net sellers of 675.3 billion won.
Most large-cap stocks also traded higher. Samsung Electronics rose 1.49% and SK Hynix climbed 5.52%. Samsung Electronics preferred shares, SK Square and Samsung Electro-Mechanics were each up more than 2%, while Hyundai Motor surged more than 6%.
The Kosdaq also extended its gains. At the same time, the index was up 1.52% at 873.91, marking a fifth straight session of advances.
On the Kosdaq market, foreign investors were net buyers of 35 billion won. Institutions and retail investors were net sellers of 17.8 billion won and 12.7 billion won, respectively. Alteogen rose 1.1%, EcoPro gained 2.82%, EcoPro BM advanced 3.23%, and Rainbow Robotics climbed 3.82%.
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