The KOSPI index rose back above 4,100. It was the first time in about three weeks since Nov. 13. As foreigners and institutions each made net purchases of more than 1 trillion won, the index surged nearly 2%. In contrast, the KOSDAQ index fell. Bio stocks weakened as Alteogen, the top stock by market cap, plunged.
On the 5th, the KOSPI index closed at 4,100.05, up 71.54 points (1.78%) from the previous day. The KOSPI opened slightly lower at 4,023.50, but recovered the 4,060 level in the morning on the back of net buying by foreigners and institutions. After a gradual rise to the 4,070 level, stronger institutional buying after 2 p.m. pushed it up to the 4,100 level.
In the main board, institutions and foreigners posted net purchases of 1.1535 trillion won and 992.3 billion won, respectively. Individuals, by contrast, recorded net sales worth 2.1153 trillion won.
Large-cap stocks that were mixed intraday mostly rose as buying flowed in just before the close. Samsung Electronics climbed 2.85%, extending its upward trend, and SK hynix, which was weak during the session, also turned slightly higher by 0.37%. Hyundai Motor jumped more than 10% on expectations for expansion in the U.S. hybrid market. Only Samsung Biologics ended down more than 2%.
At the same time, the KOSDAQ index closed at 924.74, down 5.09 points (0.55%) from the previous day. It opened slightly higher at 930.75 early in the session but turned lower in the morning. The index widened losses and slipped to 916. It then repeatedly rose and fell around the 920 level before finishing around the 924 level.
In the KOSDAQ market, individuals alone recorded net purchases of 68.3 billion won. Foreigners and institutions, on the other hand, posted net sales of 46.0 billion won and 14.4 billion won, respectively, dragging the index down.
As Alteogen plunged, the index fell centered on biotech stocks. Alteogen dropped more than 12% after news that partner Merck (MSD) in the United States received a preliminary injunction from a German court banning sales of "Keytruda SC." ABL Bio and LigaChem Biosciences also fell more than 5%.
Brokerages said Broadcom's earnings release and whether the U.S. Federal Reserve (FOMC) cuts rates would affect investor sentiment.
KB Securities analysts Lim Jeong-eun and Tae Yun-seon said, "Broadcom's earnings release scheduled for the early morning of the 12th, coupled with the outlook for artificial intelligence (AI), will affect related investor sentiment, including Google's tensor processing unit (TPU)." They added, "Expectations for a rate cut at the FOMC meeting on the 11th next week also remain valid."