The KOSPI broke a record high for an eighth straight session. Buying flocked to semiconductor stocks led by SK hynix, and the index even pierced the 5,300 level intraday. However, it gave back gains as foreigners and institutions sold during the session.
The KOSDAQ ended lower on foreign selling. With investor sentiment toward biotech freezing after a plunge in ABL Bio, EcoPro BM and EcoPro also fell. As a result, Alteogen returned to No. 2 in KOSDAQ market capitalization.
The KOSPI closed at 5,224.36, up 3.11 points (0.06%) from the previous session. The index opened at 5,210.35 and, as individual buying flowed in during the session, climbed above the 5,300 level, but after 10:30 a.m., selling by foreigners and institutions poured in, trimming gains.
On the flow side, individuals led the rise. Individuals net bought 2.2976 trillion won in the main bourse. In contrast, foreigners net sold 1.9692 trillion won, and institutions, including investment trusts (127.9 billion won), pension funds (30.6 billion won), and insurers (141.8 billion won), net sold a total of 425.5 billion won.
By stock, buying concentrated in semiconductor names. SK hynix surged more than 5% after it said it posted 32.8267 trillion won in revenue and 19.1696 trillion won in operating profit in the fourth quarter last year, the largest quarterly results on record. Its quarterly operating margin was 57%, topping Taiwan's TSMC (54%). SK Square, whose equity value drew attention, also rose more than 7%.
Samsung Electronics was strong intraday but finished slightly lower as selling emerged before the close. Samsung Electronics preferred shares rose 1.56%. HANMI Semiconductor also jumped more than 3%.
As stock market funds hit an all-time high, buying also flocked to securities stocks. Mirae Asset Securities (4.56%), Meritz Financial Group (4.86%), Kiwoom Securities (4.11%), and NH Investment & Securities (3.84%) advanced.
In contrast, the KOSDAQ finished lower, weighed down by foreign selling. The KOSDAQ ended at 1,149.44, down 14.97 points (1.29%) from the previous session. The index opened at 1,166.23 and tried to break above the 1,200 level during the session, but as foreign selling expanded, it fell below the 1,150 level.
ABL Bio fell more than 19% after news that the development priority of its Parkinson's disease drug candidate licensed to Sanofi had been pushed back. The fallout chilled sentiment toward biotech as well, sending Alteogen (down 3.84%), LigaChem Biosciences (down 2.63%), and HLB (down 15.01%) lower.
Battery stocks that had surged the previous day also tumbled. EcoPro BM fell 5.49%, and EcoPro declined 5.52%. As a result, Alteogen regained the No. 2 spot in KOSDAQ market capitalization.