As the KOSPI index broke through 8,000 points and extended its rally, the average daily trading value in the stock market topped 40 trillion won for the first time ever. However, with transactions concentrated in a few large caps such as Samsung Electronics and SK hynix, the market's "changing of hands" slowed.
According to the Korea Exchange (KRX) on the 25th, the KOSPI's average daily transaction value from the 1st to the 22nd of this month totaled 48.047 trillion won.
This is the highest average daily transaction value on record. The previous No. 1 record was 32.2338 trillion won, set in Feb.
It is attributed to buying interest pouring in as the KOSPI continued to hit a record high.
In particular, as buying concentrated in large semiconductor stocks such as Samsung Electronics and SK hynix, the transaction value surged. During the same period, the combined average daily transaction value of Samsung Electronics and SK hynix was 20.569 trillion won. That amounts to 43% of the KOSPI's total average daily transaction value over the period.
By contrast, the market's total trading volume decreased over the same period. It is attributed to funds concentrating in a handful of large caps.
During this period, the KOSPI's average daily trading volume was 716.8 million shares, down 24% from last month's 947.18 million shares.
Buying flocked to high-priced large caps such as Samsung Electronics and SK hynix, boosting transaction value even on lower volumes, but the buying did not extend to small and mid caps.
As transactions concentrated in large caps, the market's "changing of hands" also slowed. Over the same period, the KOSPI's average daily turnover of listed shares was 1.15%, down 23% from the previous month's 1.49%.
Turnover is calculated by dividing trading volume over a given period by the number of listed shares, and a higher figure means transactions (changing of hands) among investors occurred more frequently.