Kospi Jumps Nearly 15%, Briefly Tops 6,500 as Foreigners Buy W8.91 Trillion
Forecast Trend Report by Period
South Korea’s Kospi surged nearly 15% intraday on foreign buying, briefly breaking above 6,500. Semiconductor shares including Samsung Electronics and SK Hynix led the rally.
As of 1:30 p.m. on July 31, the Kospi was at 6,426.77, up 833.21 points, or 14.90%, from the previous session. The benchmark earlier rose above the 6,500 level.
Gains in U.S. semiconductor stocks overnight spilled over into South Korea’s market. The Philadelphia Semiconductor Index, which tracks 30 major U.S. chip stocks, climbed 8.19% from the previous trading day. Buy-side sidecars, a temporary halt on program buy orders, were triggered early in both the Kospi and Kosdaq markets.
In the Kospi market, foreigners were net buyers of W8.9125 trillion, leading the advance. Institutions were also net buyers of W19 billion, while retail investors were net sellers of W9.0694 trillion.
Among major stocks, Samsung Electronics jumped 21.01%, SK Hynix soared 26.93% and Hyundai Motor gained 6.98%. LG Energy Solution fell 0.94%, Samsung Biologics dropped 3.60% and KB Financial Group slipped 0.48%. Samsung Electro-Mechanics, SK Square and Daeduck Electronics rose by the daily limit.
The Kosdaq also extended gains. At the same time, the Kosdaq Index stood at 710.07, up 65.29 points, or 10.13%, from the previous session.
In the Kosdaq market, foreigners and institutions were net buyers of W219 billion and W158.6 billion, respectively, while retail investors were net sellers of W376.2 billion. Among top market-cap stocks, Jusung Engineering rose 24.62%, Rainbow Robotics gained 12.87%, EcoPro advanced 10.34%, Alteogen climbed 9.12% and EcoPro BM added 4.04%.
