KOSPI Composite Index Hits Another Intraday Record, Tops 6,800 on Foreign and Institutional Buying [fn Morning Market Update]

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[The Financial News] The KOSPI Composite Index rose above the 6,800 level intraday and set another all-time intraday high, supported by strong net buying from foreign investors and institutions.
As of 10:47 a.m. on the 4th, the index was trading at 6,827.96, up 229.09 points, or 3.47%, from the previous session, according to the Korea Exchange (KRX). It opened at 6,782.93, up 2.79% from the previous session, breaking its earlier intraday record. It then extended gains and touched 6,832.07, up 3.57%, setting a new intraday high again.
In the KOSPI Market, foreign investors and institutions posted net purchases of 1.947 trillion won and 1.0985 trillion won, respectively, while retail investors sold a net 2.9491 trillion won.
By sector, textiles and apparel rose 5.18%, securities 5.09%, and regular/electronics 4.90%, while construction fell 4.64%, real estate 3.63%, and paper/wood 0.91%.
Among the largest-cap stocks, SK Square rose 12.01%, SK hynix 7.78%, and Samsung Electro-Mechanics 6.73%, while Shinhan Financial Group Co., Ltd. fell 1.80%, KB Financial Group 1.06%, and Samsung Biologics 0.61%.
At the same time, the Korea Securities Dealers Automated Quotations (KOSDAQ) was trading at 1,216.06, up 23.71 points, or 1.99%, from the previous session. Foreign investors and institutions were net buyers of 569.5 billion won and 14.6 billion won, respectively, while retail investors were net sellers of 577 billion won.
Han Ji-young, a researcher at KIWOOM Securities Co., Ltd., said, "Although volatility in oil prices and interest rates is likely to remain elevated amid war-related noise, including the continued stalemate in talks between the United States and Iran, the stock market is expected to show a low sensitivity to war concerns." She added, "Foreign investors are also likely to continue net buying this month, following last month, as they consider the South Korean stock market's earnings momentum advantage and relatively low valuation burden, making them a key driver of KOSPI's gains."
  
koreanbae@fnnews.com Bae Han-geul Reporter