On the 11th, the KOSPI index made history by surging past the 7,800 level intraday for the first time ever, but a distorted market persists in which decliners outnumber gainers by three to one. As semiconductor bellwethers such as Samsung Electronics and SK hynix forcibly pull up the index, polarization is deepening, with most shares increasingly left out.
According to the Korea Exchange (KRX), the KOSPI opened at 7,775.31, up 3.7% from the previous trading day. It then widened its gains, pushing past the 7,840 level intraday. As the index spiked, a buy-side sidecar was triggered around 9:30 a.m., temporarily halting program trading.
As the KOSPI repeatedly notches a record high, rosy outlooks are pouring out from the securities industry. But concerns are growing about an "optical illusion" in which the warmth of the index's rise fails to spread across the broader market. As of 1:19 p.m., only 186 KOSPI stocks were up, while 696 were down. In effect, nearly eight out of 10 names are flashing blue.
The top contributors towing the index are Samsung Electronics and SK hynix. At the same time on the main board, SK hynix was up 12.4% from the previous trading day at 1,895,000 won, while Samsung Electronics was up 6.24% at 285,200 won.
Conditions on the KOSDAQ are even more severe. At the same time, 464 KOSDAQ stocks were rising while 1,181 were falling. The KOSDAQ index was flat at 1,208.06, up 0.34 points (0.03%) from the previous trading day, revealing a stark decoupling from the KOSPI.