While the KOSPI index is attempting to settle at 5,000 points, the KOSDAQ index also rose and topped 1,000 points intraday. It is the first time in four years the KOSDAQ index has exceeded 1,000 points. The investment warmth that started in the main board appears to be spreading to the KOSDAQ market.
On the 26th, the KOSPI index opened at 4,997.54, up 7.47 points (0.15%) from the previous trading day, and as early gains expanded, it reclaimed 5,000 points. Foreigners and institutions are net sellers, but with individual funds flowing in, the index is showing a modest rise near the 5,000 level.
On the day, the KOSDAQ index opened at 1,003.90, up 9.98 points (1.00%). Individual funds are also flowing into the KOSDAQ market. In particular, buying funds are coming in through exchange-traded funds (ETF). The KOSDAQ index is also seeing its intraday gains widen.
Although market anxiety remains with U.S. stocks showing mixed moves over the weekend, domestic stocks are holding firm. In the last week of Jan., as global corporations' earnings announcements continue, investors expecting an "earnings effect" are seen buying.
U.S. stocks were mixed over the weekend. As the United States hinted at the possibility of military intervention in Iran, where anti-government protests continue, risk aversion spread. Donald Trump, the U.S. president, also weighed on the market by threatening to impose a 100% tariff on Canada if it signs a trade deal with China. Intel issued weaker-than-expected guidance for first-quarter results, and its share price fell sharply.
However, the tech-heavy Nasdaq index managed an intraday rebound, and the S&P 500 ended slightly higher.
On the main board, Samsung Electronics is posting strong gains, while defense stocks such as Hanwha Aerospace and Hyundai Rotem are also strong.
Top market-cap stocks on the KOSDAQ are all rising. As the biotech sector, which plunged due to the recent Alteogen incident, rebounds, secondary batteries and Robotics are also strong.