The KOSPI has extended its record high for six straight sessions, leaving just 116 points to go before "4000-pi." The index opened slightly lower on the 22nd but widened gains in the afternoon as institutions turned to net buying. The KOSDAQ also reversed higher intraday to rise by nearly 1%.
The KOSPI closed at 3,883.68, up 59.84 points (1.56%) from the previous day. The KOSPI opened at 3,827.23, up 3.39 points (0.09%) from the previous session, but fell below the 3,800 level on selling by foreigners and institutions. However, thanks to individual investors' "buy" flows, the decline did not deepen, and it continued to fluctuate around the 3,830 level.
In the afternoon, the index rebounded quickly as institutions turned to buying. Although individuals switched to selling as institutions flipped to buying, the index still trended upward. Ultimately, it set a record high on a closing basis, coming just shy of the 3,890 level. In the KOSPI market, foreign investors and individuals net sold 724.8 billion won and 54.9 billion won, respectively. Only institutions showed a net buying advantage of 763.0 billion won.
Samsung Electronics finished at 98,600 won, up 1,100 won (1.13%) from the previous trading day. The preferred share Samsung Electronics (preferred) also rose 0.77%. SK hynix closed at 481,500 won, up 2,500 won (0.52%). Semiconductor names including these opened lower as profit-taking continued but turned higher intraday.
Also closing higher were LG Energy Solution, Samsung Biologics, Hyundai Motor, Hanwha Aerospace, HD Hyundai Heavy Industries, and Kia. In contrast, Doosan Enerbility and others declined.
LG CHEM ended at 391,000 won, up 13.01% from the previous trading day. Intraday, it rose as much as 14.31% to 395,500 won, marking a 1-year high. The gains came after news that U.K.-based activist fund Pellaeser Capital had proposed measures to enhance shareholder value at LG CHEM, saying the current share price is undervalued. Pellaeser Capital is a long-term shareholder holding 1% equity in LG CHEM.
Lee Kyung-shin, a Daishin Securities Co. researcher, said, "While the KOSPI's uptrend has continued recently, we are seeing a pattern where dip buying supports the lower end whenever the index pulls back," and added, "A rotation has emerged centered on undervalued and overlooked sectors such as secondary batteries, which have rising expectations for an industry upturn, as well as chemicals and steel."
The KOSDAQ closed at 879.15, up 6.65 points (0.76%) from the previous trading day. In the KOSDAQ market, foreigners and institutions net sold 66.9 billion won and 99.1 billion won, respectively. Individuals stepped in to buy a net 178.4 billion won.
Among top stocks by market capitalization, secondary battery names such as Ecopro and ECOPRO BM stood out. Growing demand for energy storage systems (ESS) appears to be boosting expectations for an industry recovery. Ecopro closed at 87,400 won, up 11,500 won (15.15%) from the previous trading day, and ECOPRO BM finished at 165,200 won, up 3.38%. Ecopro Materials also rose 6.34%. Ecopro is the holding company of ECOPRO BM, which makes cathode materials, the key material for secondary batteries, and Ecopro Materials, which produces precursors, the stage before cathode materials.
Additionally, shares such as Alteogen and LigaChem Biosciences ended the session at higher prices than the previous day. In contrast, Rainbow Robotics, Peptron, PharmaResearch, HLB, and ABL Bio closed lower.
In the Seoul foreign exchange market, as of 3:30 p.m., the won-dollar exchange rate was 1,429.8 won, up 2.0 won from the previous day. The rate opened at 1,431.5 won, up 3.7 won from the previous day, and rose as high as 1,432.8 won early in the session.