KOSPI Attempts to Reclaim 2520 Level... Rise Expands on 'Yoon's Day of Destiny' Announcement
Summary
- The KOSPI index rose during the day, recovering the 2520 level on expectations of resolving political uncertainty.
- The confirmation of President Yoon Suk-yeol's impeachment trial date further drove the stock market's upward trend.
- There was strong buying from individual and institutional investors, while foreigners showed a selling trend.
Individuals and Institutions 'Buy', Foreigners 'Sell'
Politician Theme Stocks like Lee Jae-myung and Han Dong-hoon 'Surge'
On the 1st, the KOSPI index is increasing its intraday volatility due to the imminent announcement of reciprocal tariffs by U.S. President Donald Trump and uncertainties in the domestic political situation.
As of 11:08 AM, the KOSPI index is recording 2521.45, up 1.63% from the previous day. After starting with a sharp rebound of 1.21%, the KOSPI index lowered its intraday high to 0.54%, briefly falling below the 2500 level, then raised its high above the 2520 level again.
The upward trend strengthened after news around 10:45 AM that President Yoon Suk-yeol's impeachment trial verdict date was set for the 4th. It is interpreted that the confirmation of the verdict date has led to expectations that some political uncertainty will be resolved.
In the securities market, institutional investors and individuals are net buying 57.6 billion won and 117.6 billion won, respectively. Foreigners are net selling 213.8 billion won. Except for LG Energy Solution, all top market cap companies on the KOSPI are showing gains. Samsung Electronics and SK Hynix, which showed weakness the previous day, are both up over 2%.
Hanwha is surging over 5% as the uncertainty over management succession was resolved when Chairman Kim Seung-youn gifted some shares to his three sons. Hanwha Aerospace, Hanwha Systems, and Hanwha Ocean are also on the rise.
After the announcement of President Yoon's impeachment trial verdict date, theme stocks related to Lee Jae-myung, the leader of the Democratic Party of Korea, such as Orient Precision, Orient Bio, Dongshin Construction, Ilsung Construction, Eastaco, Atec, Hyungji Global, and Hyungji I&C have all surged to the upper limit. Theme stocks related to former People Power Party leader Han Dong-hoon, such as Daesang Holdings and Daesang Holdings Preferred, are also soaring.
Reporter Noh Jeong-dong, Hankyung.com dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
