KOSPI closes at record high 3657.28… Samsung Electronics stands out with 'highest price'
Summary
- Reported that the KOSPI closed at an all-time high of 3657.28 and the domestic stock market's market capitalization exceeded 3,000 trillion won for the first time.
- While foreigners and institutions showed strong net buying, individual investors engaged in profit-taking.
- It said that expectations of a rate cut by the U.S. central bank stimulated investor sentiment, and large-cap stocks such as Samsung Electronics and SK Hynix were strong.
Rose intraday to 3659.91 points
Foreigners and institutions bought together… individuals realized profits
Samsung Electronics hits highest closing price… SK Hynix also strong
The KOSPI index rose above the 3,650 level despite US-China trade tensions, setting a record high. KOSPI market capitalization also surpassed 3,000 trillion won for the first time.
On the 15th, the KOSPI finished trading at 3,657.28, up 95.47 points (2.68%) from the previous day. The KOSPI, which started up 0.53%, saw buying focused on large caps throughout the session, widening gains and rising as high as 3,659.91, even testing a break above the 3,660 level. This is the first time KOSPI has exceeded the 3,650 level. Both the closing price and the intraday level are all-time highs. According to the Korea Exchange, the market capitalization of the securities market reached 3,011.9081 trillion won, exceeding 3,000 trillion won for the first time.
Despite US-China trade tensions, expectations of a rate cut by the US central bank (the Fed) deepened, which is interpreted as having stimulated investor sentiment in the domestic stock market.
Jerome Powell, chair of the U.S. Fed, said at an economic conference in Philadelphia that "inflation continues to rise moderately, but at the same time the labor market is showing considerable downside risks," suggesting the end of the asset reduction (quantitative tightening) process.
The Financial Times (FT) interpreted Powell's remarks about increased downside risks to employment as the strongest signal that U.S. Fed officials may think they have enough evidence to lower rates by an additional 0.25% point.
On the day, foreign investors and institutions net bought 212.4 billion won and 828.1 billion won, respectively, in the KOSPI market. Foreigners also bought 1 trillion won worth in the KOSPI200 futures market. In contrast, individual investors dumped 1.113 trillion won worth of profit-taking orders.
Top market-cap KOSPI stocks all shot up. Samsung Electronics and SK Hynix rebounded in a single day, rising 3.71% and 2.67% respectively. In particular, Samsung Electronics closed at 95,000 won, setting a new record high for a regular session closing price.
Also, Samsung Biologics and Doosan Enerbility surged around 9.74% and 9.37% respectively on earnings expectations. LG Energy Solution, Samsung Electronics (preferred), Hanwha Aerospace, Hyundai Motor, HD Hyundai Heavy Industries, KB Financial, Kia, Naver, Celltrion, and Samsung C&T also rose.
On the other hand, ETFs that bet on index declines, such as TIGER 200 Futures Inverse 2X and KODEX 200 Futures Inverse 2X, plunged in the 5% range.
The KOSDAQ index also rose. The KOSDAQ finished at 864.72, up 16.76 points (1.98%). In the KOSDAQ market, foreigners and institutions net bought 37 billion won and 53.4 billion won, respectively. Individuals showed a selling bias of 99.5 billion won.
KOSDAQ market-cap leaders saw mixed movements. EcoPro BM, EcoPro, and Rainbow Robotics rose, while Peptron, Ligachem Bio, and Samchundang Pharmaceutical fell.
The won-dollar exchange rate fell. At 3:30 p.m. in the Seoul foreign exchange market, the won-dollar rate finished trading at 1,421.3 won, down 9.7 won from the previous day.
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.
