The KOSPI is maintaining an intraday upward trend. As the national pension fund net bought nearly 300 billion won on the Korea Exchange, the index's gains widened to 1% in the afternoon.
As of 2 p.m. on the 13th, the KOSPI is moving around the 5,580 level, up about 1% from the previous trading day. It opened slightly lower but turned higher right after the open. Although it briefly reversed lower early in the session, the gains have widened as investment funds flowed in.
Foreign investors, who were net buyers early in the session, have turned to net selling, but the national pension fund is injecting large amounts of capital. As of 2 p.m., foreigners are net selling 550 billion won, while the national pension fund is net buying 260 billion won. Financial investment, which is seeing inflows into exchange-traded funds (ETF), is also net buying 300 billion won, with institutions leading the index higher.
Samsung Electronics is up more than 3%, and SK hynix is also strong. Along with the electrical and electronics sector, securities stocks are all rising. In particular, Mirae Asset Securities topped 60,000 won, and Korea Investment Holdings is also up more than 6%. NH Investment & Securities and Daishin Securities are also climbing sharply.
While U.S. stocks fell across the board overnight and the domestic market will be closed for three days (the 16th–18th) for the Lunar New Year holiday next week, investor sentiment appears not the least bit shaken. In the securities industry, there is still a view that Korea's major stocks—continually hitting record highs above 5,000 points—remain cheap.
By contrast, the KOSDAQ is weak. As of 2 p.m., the KOSPI is down more than 1% and trading around the 1,110 level.