For the first time in a while, the KOSDAQ market heated up. As expectations grew that government policies emphasizing capital market revitalization would focus on the KOSDAQ market, a large influx of foreign and institutional funds flowed in.
By contrast, the KOSPI fell 1.5% to the 3,920 level. With U.S. markets closed the previous day for Thanksgiving, foreigners unloaded a net 2 trillion won in a single day.
On the 28th, the KOSPI closed at 3,926.59, down 60.32 points (1.51%) from the previous day. The KOSPI started transaction at 3,995.30, up 8.93 points from the prior session, but soon turned lower. It moved in the 3,940–3,960 range in the morning, then widened losses in the afternoon to the 3,920 level.
In the main board, foreigners were net sellers of 2.0368 trillion won, dragging the index down. Individuals and institutions were net buyers of 1.5685 trillion won and 459.6 billion won, respectively, helping to limit the decline.
In contrast, the KOSDAQ rose 32.61 points (3.71%) to close at 912.67. The KOSDAQ started transaction at 888.75, up 8.69 points from the prior session, and extended gains intraday. Foreigners and institutions were net buyers of 488.1 billion won and 602.6 billion won, respectively, lifting the index.
Lee Jae-won, a researcher at Shinhan Investment & Securities, said, "As foreign flows shifted to KOSDAQ, the KOSPI fell," adding, "With KOSDAQ's relative revenue to KOSPI at its lowest since 2010, expectations for government revitalization policies overlapped, and KOSDAQ strengthened."
Most large-cap stocks on the main board fell. Samsung Electronics and SK hynix dropped more than 2%. LG Energy Solution (6.85%), Hanwha Aerospace (1.27%), Samsung Biologics (2.37%), and Doosan Enerbility (1.55%) also declined.
By contrast, top KOSDAQ market-cap stocks jumped. Rainbow Robotics and Kolon TissueGene surged, and Alteogen (1.73%), EcoPro BM (1.87%), EcoPro (2.32%), ABL Bio (6.35%), Peptron (9.25%), LigaChem Biosciences (5.81%), and HLB (1.08%) also rose.
Brokerages also see KOSDAQ's strength possibly continuing into early next year. Hain Hwan, a researcher at KB Securities, said, "Looking at KOSDAQ's average monthly revenue since 2000, January is the highest and February is next," analyzing that seasonal factors will support the upward trend in KOSDAQ.
He added, "On Dec. 10, the same day as the Federal Open Market Committee (FOMC), the approximately 15 trillion won Public Growth Fund will launch, raising expectations for expanded investment in small and mid-sized companies," and "Also, the comprehensive investment account (IMA) that began in November mandates inclusion of venture capital, which should positively affect KOSDAQ's growth."