KOSPI pares intraday losses to hover around 4,920... KOSDAQ breaks above 980 [fn Afternoon Market Report]

[Financial News] The Korea Composite Stock Price Index (KOSPI) narrowed its intraday losses on the back of retail buying on the 20th and is now hovering around the 4,920 level. The Korea Securities Dealers Automated Quotations (KOSDAQ) Index extended gains and broke above the 980 mark for the first time in four years.
As of 2:00 p.m. that day, the KOSPI was at 4,924.90, up 0.41% from the previous session. The index opened at 4,900.28, down 0.09% from the previous close, then turned slightly higher and, for the first time ever, touched 4,926.43. It subsequently reversed lower and at one point fell to 4,823.88 (-1.65%), but is now trimming its intraday decline.
In the KOSPI Market, foreign investors and institutions are net sellers of 243.0 billion won and 385.6 billion won, respectively. In contrast, retail investors are net buyers of 496.4 billion won, helping to support the index.
Market heavyweights Samsung Electronics and SK hynix are trading weaker at 147,400 won and 757,000 won, down 1.27% and 0.92%, respectively. Samsung Heavy Industries (-2.35%), Kia (-1.95%), and Hanwha Aerospace (-1.65%) are also under pressure.
On the other hand, Korea Electric Power Corporation (KEPCO) is surging about 16%, showing strong gains, while Samsung Life Insurance (5.45%), Hana Financial Group (4.26%), and Samsung C&T (4.15%) are also on the rise.
By sector, electricity and gas (13.80%), insurance (4.21%), and telecommunications (3.32%) are advancing, while transportation equipment and parts (-1.09%), electrical and electronics (-0.83%), and manufacturing (-0.44%) are declining.
At the same time, the KOSDAQ Index was at 983.65, up 1.58% from the previous session. It is the first time in four years that the index has risen above the 980 level during intraday trading, since January 13, 2022. The index opened at 973.17, up 0.50% from the previous close, then turned lower during the session before rebounding again.
Lee Jae-won, a researcher at Shinhan Securities Co., Ltd., analyzed, “After rising for 13 consecutive trading days, the KOSPI’s Relative Strength Index (RSI) has exceeded 80, entering overbought territory,” adding, “In this phase of correction to cool off the technical overheating, we are seeing a rotation of funds into previously neglected KOSDAQ biotech and secondary battery stocks.”

elikim@fnnews.com Kim Mi-hee Reporter