The KOSPI index surpassed 2900 points, marking the highest level this year. This is the first time the KOSPI index has recovered the 2900 level since January 2022, a span of 3 years and 5 months. The foreign investors, who have been active buyers for the sixth consecutive trading day, fueled the market's investment sentiment.
On the 11th, the KOSPI index closed at 2907.04, up 35.19 points (1.23%) from the previous day, reaching its highest level of the year. Individual investors, who had been accumulating shares, sold off about 300 billion won worth of shares for profit realization, while institutions and foreign investors recorded net purchases of 250 billion won and 80 billion won, respectively. Notably, foreign investors recorded a net buying streak for six trading days in a row.
That day, the KOSPI index started on an upward trend, buoyed by expectations surrounding the stock market stimulus policies of the Lee Jae-myung government and positive news regarding U.S.-China trade negotiations. As foreign investors and institutions switched to net buying early in the session, stocks quickly jumped.
Lee Kyung-min, a researcher at DAISHIN SECURITIES, noted, "Foreign investors have continued a net buying trend for six trading days, driving the rise in the KOSPI," adding, "However, as the index rallied nearly 600 points in one go from the 2280 level in April, the strength of foreign net buying seems to be easing." He further explained, "There may be technical resistance and a period of consolidation near the previous peak."
Among the top stocks by market capitalization in the KOSPI, shares of Hyundai Motor (up 2.03%), Kia (up 2.54%), and Hyundai Mobis (up 4.91%) rose amid expectations of progress in trade negotiations. Doosan Enerbility, the leading stock in the nuclear power sector, surged more than 6%, surpassing Naver to rank 12th in KOSPI market capitalization.
Semiconductor stock SK hynix rose by more than 4%. Samsung Electronics also succeeded in closing up 1.18%, briefly hitting '60,000 electronics' during trading. This is interpreted as being influenced by reports that the United States might ease restrictions on semiconductor exports to China. Other materials and components stocks, including Hansol Chemical (up 12.81%) and HPSP (up 14.49%), also saw gains.
Stocks related to renewable energy also soared. As expectations grew that the new government would accelerate renewable energy policies, solar power-related stocks like PARU (up 29.97%), Hanwha Solutions (up 22.99%), DaeMoung Energy (up 8.22%), and HD Hyundai Energy Solutions (up 6.6%) jumped significantly. Wind energy stocks such as CS WIND (up 3.74%) and DaeMoung Energy also closed higher.
On the other hand, shares of Hanwha Aerospace (up 3.31%), KB Financial Group (up 3.34%), and Shinhan Financial Group (up 1.81%), which had recently seen a sharp increase in stock prices, retreated as profit-taking occurred.
The KOSDAQ index closed at 786.29, up 15.09 points (1.96%) from the previous trading day. On this day, both foreign and institutional investors entered the market as net buyers, with purchases of 200 billion won and 110 billion won, respectively. Individuals were notable for their net selling at approximately 300 billion won.
The red light was turned on for KOSDAQ market capitalization's top stocks. Alteogen (up 3.82%), ECOPRO BM (up 2.93%), HLB (up 1.33%), Ecopro (up 0.57%), and Rainbow Robotics (up 1.06%) all closed higher. Among the top 10 stocks by market capitalization, all but Peptron (down 0.36%) saw their stock prices rise.
Additionally, SILICON2 surged more than 19%, drawing market attention due to positive cosmetic export and import data. Other cosmetics-related stocks, including APR (up 5.43%) and VT (up 1.86%), all rose.
As of the market closing time, the exchange rate for the Korean won against the U.S. dollar recorded a rise of 10.7 won to reach 1375.0 won.