'Lee's 100th day in office' KOSPI hits record high for second consecutive day… closes at 3344.2

No impact from 'Quadruple Witching Day'

On the 11th, which was President Lee Jae-myung's 100th day in office and coincided with the expiration of futures and options—known as 'Quadruple Witching Day'—the KOSPI index continued its record-high rally.

On that day, the KOSPI index closed at 3344.2, up 29.67 points (0.9%) from the previous day. It surpassed the previous closing record high (3314.53) set just a day earlier.

The market closely watched the president's press conference that day. When President Lee expressed some negative views regarding the relaxation of the major shareholder capital gains tax threshold, saying, "I still wonder whether we should exempt up to 5 billion won per single stock," the KOSPI briefly turned lower intraday, but it recovered the losses after he said, "Since revitalizing the stock market is a key part of the new administration's economic policy, there's no need to insist on (the 1 billion won major shareholder threshold)."

The "mischief" of the Quadruple Witching Day, when futures and options expirations overlap, was also avoided. The day is generally seen as one that could increase stock market volatility because index futures and options and single-stock futures and options expire at the same time, leading supply-demand participants such as foreigners and institutions to simultaneously sell overvalued spot positions and buy undervalued futures as they adjust positions.

On that day in the KOSPI market, foreigners and institutions were net buyers of spot shares worth 263.4 billion won and 824.1 billion won, respectively. Foreigners also bought 228.8 billion won worth in the KOSPI200 futures market. Conversely, individuals were net sellers of 1.0929 trillion won.

Most of the top market-cap KOSPI stocks rose. Samsung Electronics and SK hynix rose 1.1% and 0.99% respectively, buoyed by investor sentiment after a surprise profit report from U.S. software firm Oracle. In particular, SK hynix set a new intraday record, jumping to 315,000 won.

LG Energy Solution, Samsung Biologics, Hanwha Aerospace, HD Hyundai Heavy Industries, Hyundai Motor, Kia, and Celltrion also closed higher. On the other hand, Doosan Enerbility and Naver fell.

Kolon Mobility Group surged to its daily limit after expectations of full takeover of its subsidiary following Kolon's tender offer ended. Nongshim jumped 19.17% on expectations of increased overseas sales. Conversely, securities stocks that had recently surged in the short term on hopes of market stimulus—such as Sangsangin Securities, Mirae Asset Securities, Hyundai Motor Securities, and Bookook Securities—closed weaker as some profit-taking emerged.

The KOSDAQ index also extended its winning streak to eight trading days. The KOSDAQ closed at 834.76, up 0.21%. In the KOSDAQ market, individuals and institutions were net buyers of 72.9 billion won and 19.9 billion won, respectively. Foreigners were net sellers of 75.3 billion won.

Top market-cap names on the KOSDAQ showed mixed performance. EcoPro BM, Peptron, and Pharma Research rose, while Alteogen, EcoPro, and Samchundang Pharm fell. Global Tax Free jumped 12.98% after President Lee mentioned fostering foreign cosmetic surgery tourism.

The won-dollar exchange rate rose. At 3:30 p.m. that day in the Seoul FX market, the won-dollar exchange rate ended the week at 1391.8 won, up 5.2 won from the previous day.

Reporter No Jeong-dong, Hankyung.com dong2@hankyung.com