On the 28th, while the KOSPI index is falling, the KOSDAQ index is surging nearly 3%.
Foreign investors are net sellers of more than 1 trillion won in the main board, but are net buyers of nearly 400 billion won in the KOSDAQ market, lifting the index. The move is seen as investor sentiment being stirred by expectations that the government will announce policies to boost the KOSDAQ market.
As of noon that day, the KOSPI index was trading down around 1.2% in the 3,930–3,940 range. The KOSPI index opened at 3,995.30, up 8.39 points from the previous session, but soon turned lower, and the intraday decline has been widening.
On the main board, foreigners are net sellers of more than 1 trillion won, dragging the index down. Individuals and institutions are net buyers of 700 billion won and 300 billion won, respectively.
With the U.S. stock market closed the previous day for Thanksgiving, most large-cap stocks by market value are falling. Samsung Electronics is down more than 2%, and LG Energy Solution is plunging more than 6%. Hanwha Aerospace (1.85%) and Samsung Biologics (2.25%) are also on a downtrend.
By contrast, at the same time the KOSDAQ index rose nearly 3% from the previous day to top the 900 level. The KOSDAQ index opened at 888.75, up 8.69 points from the previous session, and the intraday gain is widening.
In the KOSDAQ market, foreigners and institutions are net buyers of 317.4 billion won and 323 billion won, respectively. Only individuals are net sellers to the tune of 605 billion won.
Lee Jae-won, a researcher at Shinhan Investment & Securities, said, "As foreign capital flows to KOSDAQ, KOSPI is showing relative weakness," adding, "However, funds continue to flow into institutions centered on financial investment."
The researcher added, "With KOSDAQ's relative return versus KOSPI at its lowest since 2010, and with expectations of benefits growing under government policies to revitalize the venture capital (VC) and initial public offering (IPO) markets and to support venture investment, KOSDAQ rose sharply."
Top KOSDAQ market-cap stocks are rising. Alteogen (1.54%), EcoPro BM (1.02%), EcoPro (1.1%), ABL Bio (6.69%), Rainbow Robotics (6.26%), Peptron (16.88%), LigaChem Biosciences (6.2%) and HLB (0.97%) are gaining.