The KOSPI index, which has extended a rally this week, paused in flat territory on the 24th, while the KOSDAQ index strengthened by topping 1,200 points. It is the first time in 25 years that the KOSDAQ index has closed above 1,200 points.

The KOSPI index ended the day unchanged from the previous session at 6,475.63. The KOSPI opened up 20.29 points (0.31%) at 6,496.10 and at one point in early trading topped 6,500 points, but after repeated swings around the flat line, it closed slightly lower.

On the 24th, the dealing room at the Hana Bank headquarters in Jung-gu, Seoul, shows the closing print as the KOSDAQ index surges more than 2% to finish above 1,200 on a closing basis for the first time since 2000./Courtesy of News1

In the main board, individuals and institutions defended against a drop in the index. Individuals bought more than 1.1 trillion won, and institutions were also net buyers of 805.4 billion won. Within institutional flows, securities firms, which capture individuals' exchange-traded fund (ETF) flows, were net buyers of 1.0384 trillion won, and the national pension fund bought a net 20.2 billion won. Foreign investors sold more than 1.9 trillion won.

Uncertainty from the Middle East war still acted as a variable. With second-round talks between the United States and Iran falling through and tensions rising, profit-taking emerged in the KOSPI market, where the index had climbed sharply.

Samsung Electronics and SK hynix shares fell 2.23% and 0.24%, respectively. In contrast, LG Energy Solution and Doosan Enerbility both rose more than 3%, showing a mixed picture.

Cosmetics stocks climbed despite geopolitical risk. Amorepacific (8.85%), Hankook Cosmetics (7.40%), d'Alba Global (5.01%), and APR (3.21%) were among the gainers.

Lee Kyung-min, a researcher at Daishin Securities, said, "Shares rose recently as expectations for talks between the United States and Iran were priced in, but caution grew that geopolitical risk could widen over the weekend." Still, Lee noted, "If a cease-fire deal is not scrapped or a new phase of escalating conflict does not unfold, the uptrend in global markets, including the KOSPI index, will continue."

The KOSDAQ index surged. The KOSDAQ rose 29.53 points (2.51%) to close at 1,203.84. According to Korea Exchange (KRX), it is the first time in about 25 years that the KOSDAQ has finished above the 1,200 level since Aug. 4, 2000 (1,238.80), during the "dot-com bubble."

A tandem buying spree by foreigners and institutions drove the index higher. Foreign investors were net buyers of 729.3 billion won, and institutions bought a combined 187.4 billion won. Individual investors alone were net sellers of 901.2 billion won.

In the KOSDAQ market, small-and-mid-cap component, material, and equipment names and biotech stocks rose. SFA Semicon (22.18%), Jeju Semiconductor (18.16%), Jusung Engineering (6.63%), and EO Technics (4.44%) advanced.

Among top market-cap names, EcoPro fell 0.38%, but most others finished higher, including Alteogen (3.22%), ABL Bio (2.41%), and EcoPro BM (1.22%).

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