KOSPI Eyes 5,200 on Retail Buying Spree, KOSDAQ Also Jumps 3% [fn Afternoon Market]

A massive buying spree by individual investors in the Korea Composite Stock Price Index (KOSPI) market, with net purchases nearing 1.7 trillion won, has pushed the index up to the 5,150 level. The Korea Securities Dealers Automated Quotations (KOSDAQ) index is also trading around the 1,110 level as institutional demand flows in.
As of 1:49 p.m. on the 28th, the KOSPI was trading at 5,154.09, up 69.24 points (1.36%) from the previous session. The index opened 1.19% higher at 5,145.39 and at one point during the session climbed to 5,183.44.
In the KOSPI Market, retail investors bought a hefty 1.6923 trillion won worth of shares. Foreign investors and institutions were net sellers, offloading 782.9 billion won and 903.5 billion won, respectively.
By sector, electrical and electronics (2.61%), textiles and apparel (2.37%), and medical and precision instruments (2.21%) advanced, while electricity and gas (-2.0%), IT services (-1.11%), and machinery and equipment (-1.04%) declined.
Among large-cap stocks by market capitalization, major blue chips such as Samsung Electronics (1.38%), SK hynix (4.0%), Hyundai Motor Company (1.43%), and LG Energy Solution (4.41%) all gained. In contrast, Samsung Biologics (-0.06%), HD Hyundai Heavy Industries (-0.85%), and Kia Corporation (-1.11%) moved lower.
Overnight in the United States, the stock market ended mixed. Tech names such as Nvidia, Micron Technology, and Microsoft (MS) were strong on expectations of higher NAND prices and solid fourth-quarter earnings, but the December consumer confidence index came in below expectations.
Lee Jae-won, a researcher at Shinhan Securities, stated, "The KOSPI rose as earnings estimates were revised upward ahead of tomorrow's earnings announcements from three major domestic large-cap stocks by market capitalization," adding, "Although the main buyers in KOSDAQ appear to be financial investment firms, this actually reflects strong net buying of KOSDAQ ETF products by individual investors."
At the same time, the KOSDAQ was trading at 1,119.78, up 37.19 points (3.44%) from the previous session. The index opened 1.0% higher at 1,093.47 and quickly moved above the 1,100 level early in the session.
In the KOSDAQ market, foreign investors and institutions were net buyers of 257.9 billion won and 1.6561 trillion won, respectively. Individual investors, on the other hand, were net sellers of 1.7512 trillion won.

nodelay@fnnews.com Park Ji-yeon Reporter