Ahead of the Lunar New Year holiday, the KOSPI closed slightly lower. As the market set a record high this week and extended its rally, some investors appeared to take profits before the holiday. Still, optimism about the domestic market continued, keeping the decline limited.
On the 13th, the KOSPI ended trading at 5,507.01, down 15.26 points (0.28%) from the previous session. After a weak open, the KOSPI rebounded in the morning. At one point in the afternoon, it rose more than 1%, climbing to an intraday record high of 5,583 points.
However, toward the close, the index turned lower again. Foreign investors were net sellers of nearly 1 trillion won, and the scale of net buying by pension funds shrank. Only individuals were net buyers of more than 700 billion won.
Samsung Electronics, Doosan Enerbility, and HD Hyundai Heavy Industries rose, but the rest of the top market-cap stocks fell. In particular, LG Energy Solution dropped nearly 4%, and SK Square also declined.
With the market strength continuing, the securities sector posted big gains. Not only large-cap brokerages such as Mirae Asset Securities, Korea Investment Holdings, and NH Investment & Securities but also mid- to small-cap names including Daishin Securities, Shinyoung Securities, and SK Securities rose sharply.
Although the index dipped slightly in a breather, investor sentiment did not appear significantly weakened. Even though U.S. stocks fell across the board the previous day, the domestic market attempted a rebound near a record high and the decline was limited.
Cho Byung-hyun, an analyst at Daol Investment & Securities, said, "The leadership of earnings estimates in the semiconductor sector remains unmatched," adding, "This supports a strategy of focusing on leading stocks after the holiday."
However, the KOSDAQ fell by a relatively large margin. It ended the session at 1,106.08, down 19.91 points (1.77%) from the previous day.
Except for a few names such as Sam Chun Dang Pharm and Caregen, top market-cap stocks fell sharply across the board. In particular, Wonik IPS plunged.