The KOSPI index on the 28th crossed the 6,700 level intraday to set a new record high again. Semiconductor stocks that had driven the domestic market so far took a breather, but as a full-fledged earnings-led market unfolded, sector rotation by stock supported the index's rise.
The KOSPI index closed at 6,641.02, up 0.39% (25.99 points) from the previous trading day. The KOSPI opened at 6,646.80, up 31.77 points (0.48%) from the day before, and at one point in the morning climbed to the 6,710 level.
The main board was led by institutions. Individuals, who began as net buyers, turned to net sellers intraday and sold 133.7 billion won, and foreigners, who at one point in the morning moved to "buy," also returned to net selling and sold 193.5 billion won. Only institutions were net buyers, at 354.9 billion won. In particular, among institutional flows, securities firms categorized as financial investment companies, where exchange-traded fund (ETF) flows are tallied, bought about 680 billion won.
Ahead of U.S. big tech earnings releases and the Federal Open Market Committee (FOMC) meeting, a rotation trend emerged. Lee Kyung-min, a researcher at Daishin Securities, said, "As we wait for big tech earnings and the FOMC, the rotation-driven market is continuing."
Semiconductors, which have led the domestic market, showed signs of taking a break. Samsung Electronics closed down more than 1% on the day, while SK hynix finished up 0.62%.
Instead, robot momentum (upside driver) revived, and Hyundai Motor closed up more than 5%. LG Electronics, which reportedly is moving to collaborate with Nvidia, rose 7.69%.
The researcher explained, "As we enter a genuine earnings release phase, the differentiated market by company results is standing out."
Meanwhile, although the KOSPI index has been hitting all-time highs day after day, some say it remains undervalued. Kang Jin-hyuk, a senior researcher at Shinhan Investment & Securities, noted, "The KOSPI index has risen on five of the past six sessions, setting a record high every day, but thanks to solid earnings, the 12-month forward price-earnings ratio (PER) is around 7.4 times."
By contrast, the KOSDAQ index was sluggish. The KOSDAQ index ended the session at 1,215.58, down 0.86% (10.60 points) from the previous day.
The KOSDAQ market was led by individuals. While individuals bought 795.9 billion won, foreigners and institutions were net sellers of 530.4 billion won and 257.8 billion won, respectively.
In particular, biotech stocks were weak on the shock from ABL Bio. As news spread that "Toveshimig," a cholangiocarcinoma treatment being developed by ABL Bio's U.S. partner Compass Therapeutics, failed to meet the primary endpoint of overall survival (OS) in phase 2/3 trials, ABL Bio shares plunged more than 19%.