KOSPI Breaks 3300 During the Day for the First Time in 4 Years and 2 Months... Expectations for Tax Reform [fn Morning Market]

[Financial News] The KOSPI index broke through the 3300 mark during the day for the first time in 4 years and 2 months, setting a new annual high. It is interpreted that expectations for easing the major shareholder criteria for capital gains tax have boosted the stock market.
On the morning of the 10th, at 10:10 AM, the KOSPI index is trading at 3302.54, up 42.49p (1.30%) from the previous trading day. The index opened at 3272.20, up 0.37% from the previous session.
On this day, the KOSPI rose to 3306.34 around 9:30 AM, breaking through the 3300 mark during the day for the first time in 4 years and 2 months. The highest intraday KOSPI record was set on June 25, 2021 (3316.08), and the closing record was achieved on July 6 of the same year (3305.21).
In the securities market, foreigners and institutions are net buying 4315 billion won and 3431 billion won worth of stocks, respectively, pushing up the index. Individuals are selling 7647 billion won worth of stocks, realizing profits.
By industry, finance (2.16%), securities (1.80%), and construction (1.75%) are on the rise, while textiles and clothing (-0.58%), entertainment and culture (-0.37%), and chemicals (-0.37%) are weak.
Among the top market cap stocks, Samsung Electronics (1.12%), SK Hynix (3.47%), Hanwha Aerospace (3.49%), and Hyundai Motor (0.91%) are strong. On the other hand, LG Energy Solution (-1.87%) and Samsung Biologics (-0.19%) are declining.
The securities industry cites expectations for tax reform as the background for the KOSPI's new annual high. This is because the presidential office expressed its position that it is reviewing maintaining the major shareholder capital gains tax at the current 50 billion won instead of the original 10 billion won.
Han Ji-young, a researcher at Kiwoom Securities, said, "The final decision is expected to be announced at the presidential press conference on the 11th, but as can be inferred from the strong performance of policy beneficiary stocks such as securities, holding companies, and insurance over the past two trading days, the market is already reflecting the major shareholder capital gains tax issue in stock prices," adding, "The issue of separate taxation of dividend income, which is expected to be concluded at the tax subcommittee in November, is the same."
On this day, the KOSDAQ index is trading at 829.97, up 5.15p (0.62%) from the previous session. The index started at 828.40, up 0.43%.
In the KOSDAQ market, individuals are buying 153 billion won, and foreigners and institutions are also showing a buying advantage with 40 billion won and 16 billion won, respectively.



nodelay@fnnews.com Park Ji-yeon Reporter