While the KOSPI is weakening, the KOSDAQ is holding its gains. The KOSDAQ is outperforming the main board, but its gains are narrowing as time goes by.
As of 2:30 p.m. on the 1st, the KOSPI is down around 0.5%, moving around the 3,900 level. The index opened at 3,967 points, up 1.05%, and briefly reclaimed the 3,970 level early in the session, but it gave back all its morning gains. After repeated swings, the index's losses deepened in the afternoon and at one point fell below the 3,900 level.
The KOSDAQ is relatively strong. However, compared with early trading, its gains have narrowed. At the same time, the KOSDAQ is up around 0.7%, moving around the 920 level. It opened up 0.88% around the 920 level and extended gains in the morning to reach the 930 level. Institutions are net buyers, helping lift the KOSDAQ. However, as foreigners sell, the index's gains are shrinking.
U.S. stocks rose over the weekend, but investors are mostly on the sidelines in the domestic market. Investor sentiment appears somewhat dampened in particular after a sharp drop in Japanese stocks. Even as currency authorities roll out aggressive measures, the won remains around 1,470 won per dollar, and the ongoing weakness of the won is seen as a factor hindering foreign fund inflows.
The KOSDAQ, where expectations for government policy have grown, is at least firm. On the KOSDAQ, institutions are net buying more than 300 billion won while foreigners are net selling. Bio, secondary batteries, and robotics—sectors that include many of the KOSDAQ's top market-cap stocks—are all rising.
EcoPro, which has secured a cathode manufacturing base in Europe, is surging, and security-related stocks such as SOFTCAMP and Genians are rising after Coupang's personal information leak incident.