KOSPI breaks through 3900 intraday for the first time ever… 'Sachunpi' in sight [Comprehensive]
Summary
- The KOSPI index broke through the 3900 level for the first time and recorded its seventh consecutive day of gains.
- Large net buying by individual investors was found to have driven the index higher.
- A pronounced stock-by-stock divergence was noted, with defense stocks and some earnings-expectation names showing strength.
Individual investors net bought 540 billion won, driving the index
Defense stocks such as Hanwha Aerospace and Hyundai Rotem strong
The KOSPI index broke through the 3900 level for the first time ever on the 23rd despite U.S.-China trade tensions.
As of 11:59 a.m. that day, the KOSPI was up 0.43% at 3900.35. The index reached as high as 3902.21 intraday. Having opened down 1.23%, the KOSPI even dropped to the 3820 level, but reversed into gains thanks to large buying by individual investors. Including today, the KOSPI has risen for seven consecutive trading days. It is only 2.56% away from 'Sachunpi' (KOSPI index 4000 points).
Despite U.S.-China trade tensions and a sell-off in U.S. tech stocks, expectations of domestic market support appear to be lifting the index.
At this time, individual investors have net bought 544.8 billion won in the KOSPI market. In contrast, foreign investors and institutions are net sellers by 508.3 billion won and 39.1 billion won, respectively.
Top market-cap KOSPI stocks have turned higher intraday. SK Hynix, Samsung Biologics, KB Financial Group, and Hanwha Ocean, which started lower, have reversed into gains. Meanwhile, Samsung Electronics is down 0.3% amid selling pressure ahead of the '100k Electronics' milestone. Weak results from global EV maker Tesla have weighed on secondary battery-related stocks such as LG Energy Solution and Ecopro M.
With renewed concerns about instability in the Middle East, defense stocks such as Hanwha Aerospace, Hyundai Rotem, and LIG Nex1 are strong. POSCO International and LS ELECTRIC have jumped into the 13% range on earnings expectations.
Lee Kyung-min, an analyst at Daishin Securities, said, "With the AI momentum in global markets, expectations of government policy support, and optimism over trade negotiations, the positive sentiment has continued, and each time the index adjusts, bargain hunting supports the lows."
Noh Jeong-dong, Hankyung.com reporter 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.
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