KOSPI Closes at 4,990, Just Shy of 5,000; KOSDAQ Also Nears 1,000 [FN Closing Market]

[The Financial News] Backed by institutional buying, the KOSPI attempted to firmly break above the 5,000 mark but ultimately finished in the 4,990 range. The KOSDAQ jumped about 2.4% on net purchases by institutions and foreigners, putting the so-called "Cheon KOSDAQ" (KOSDAQ at 1,000) within reach.
According to the Korea Exchange (KRX) on the 23rd, the KOSPI closed at 4,990.07, up 37.54 points (0.76%) from the previous day. During the session, the index climbed as high as 5,021.13 (up 1.39%), briefly topping 5,000 before paring gains.
In the KOSPI Market, foreigners and institutions bought 134.5 billion won and 491.2 billion won, respectively, while individual investors recorded net selling of 725.5 billion won.
By sector, securities (up 9.28%), IT services (up 4.04%), and construction (up 3.25%) were strong, while electricity and gas (down 6.33%), transportation and storage (down 1.58%), and transportation equipment and parts (down 1.17%) were weak.
Among large-cap stocks, Naver surged 8.15%, showing exceptional strength. The sharp rise in Naver is seen as being driven by expectations for legislation on a Korean won stablecoin. A day earlier, Democratic Party of Korea (DPK) lawmaker Min Byoung-dug mentioned digital assets at a luncheon of the Special Committee on KOSPI 5,000.
Doosan Enerbility (up 3.89%), Samsung C&T (up 2.69%), and Celltrion (up 2.16%) also advanced. In contrast, Hyundai Motor Company (down 3.40%), Kia Corporation (down 3.40%), and Hanwha Aerospace (down 2.48%) declined.
The two major semiconductor bellwethers moved in opposite directions. Samsung Electronics slipped 0.39%, while SK hynix gained 1.06% at the close.
On the same day, the KOSDAQ finished at 993.93, up 23.58 points (2.43%) from the previous session. Institutions and foreigners posted net purchases of 989.5 billion won and 92.8 billion won, respectively, while individuals were net sellers of 1.0379 trillion won.
Jungeun Lim, a researcher at KB Securities, explained, "After the KOSPI broke above 5,000, foreign selling emerged in automobile and semiconductor stocks," adding, "Following remarks about a 'KOSDAQ 3,000 target,' the market rebounded mainly in bio stocks, bringing the KOSDAQ close to 1,000 points."


koreanbae@fnnews.com Bae Han-geul Reporter