The KOSPI on the 8th recovered the 7,000 level intraday for the first time in 15 sessions, helped by institutional buying. With U.S. markets closed the previous day for Labor Day, the move is seen as driven by bargain hunting after a recent steep decline.
As of 9:05 a.m., the KOSPI was at 7,032.62, up 37.23 points (0.53%) from the previous session. The index opened at 7,045.79, up 50.40 points (0.72%) from the day before, surpassing the 7,000 level for the first time in 15 sessions. It was the first time since Aug. 18 that the KOSPI broke above 7,000 intraday.
In the main board, institutions alone were net buyers of 184.4 billion won, lifting the index. In contrast, foreigners and individuals were net sellers of 152.7 billion won and 50.5 billion won, respectively.
Among large-cap stocks by market value, moves were mixed. The leading semiconductor names Samsung Electronics(005930) and SK hynix(000660) were edging lower. In contrast, LG Energy Solution(373220), Samsung Biologics(207940), KB Financial Group and others were strong. Defense stocks Hanwha Aerospace(012450) and Doosan Enerbility were also extending gains.
At the same time, the KOSDAQ was at 828.58, up 6.39 points (0.78%) from the previous session. The KOSDAQ started at 825.03, up 2.84 points (0.35%) from the day before.
In the KOSDAQ market, individuals were net buying 83.1 billion won, while foreigners and institutions were net selling 64.3 billion won and 19.1 billion won, respectively.
Among top KOSDAQ market-cap names, secondary-battery stocks EcoPro(086520) and EcoPro BM(247540) were rising. Semiconductor equipment plays Jusung Engineering(036930), HPSP and others were also strong. In contrast, ROBOTIS(108490) was weak.
The upward move in Korea's stock markets is analyzed as stemming from bargain hunting focused on stocks with individual momentum, alongside price appeal after the recent decline, while U.S. markets were closed the previous day for Labor Day.
On the 4th (local time) at the New York Stock Exchange (NYSE), the three major indexes ended slightly lower as profit-taking emerged amid a wait-and-see mood on the path of interest rates after employment data. The Dow Jones Industrial Average closed down 0.51% from the previous session, and the Standard & Poor's (S&P) 500 and Nasdaq fell 0.38% and 0.29%, respectively.