The KOSPI index reversed higher during intraday trading and reclaimed the 4,130 level. As institutions turned to net buyers during the session, the index rebounded.
On the 8th, the KOSPI index rose around 0.8% in the afternoon and is moving around the 4,130 level. The KOSPI index opened slightly higher but turned lower early in the session, falling below 4,100. Investors stayed on the sidelines ahead of this week's U.S. Federal Reserve interest rate decision.
However, in the afternoon, as institutions showed a buying advantage, the index rebounded and the gains widened. With U.S. stocks rising over the weekend, sentiment is strengthening on expectations that the Fed will cut the benchmark rate as experts forecast.
Large caps that fell early in the session have generally turned higher. LG Energy Solution, which said it signed a 2 trillion won electric vehicle battery supply deal with Mercedes-Benz, is surging, while SK hynix has turned higher.
The KOSDAQ index is also holding its gains, but looks somewhat weaker compared with the morning. The KOSDAQ index started the day around 928 and at one point tested 930, but as gains narrowed, it is moving around flat. EcoPro is soaring more than 20%, but robot stocks that recently rallied are undergoing a correction, and the biotech sector is also weak.