KOSPI Breaks Through 8,900 on Retail Buying, Hits Intraday Record [Morning Market Report]

[Financial News] KOSPI rose above the 8,900 level on strong retail buying, setting a new intraday high.
As of 11:35 a.m. on the 18th, KOSPI was trading at 8,916.22, up 51.96 points, or 0.59%, from the previous session, according to the Korea Exchange (KRX). At one point during the day, the index also touched 8,976.55, up 1.27%.
In the KOSPI Market, individuals were net buyers of 1.6128 trillion won, while foreigners and institutions were net sellers of 1.3202 trillion won and 204.2 billion won, respectively.
By sector, electrical and electronics rose 2.07%, insurance gained 1.77%, and pharmaceuticals advanced 1.53%. Metals fell 4.34%, construction dropped 3.62%, and chemicals declined 3.56%.
Among the largest-cap stocks, Samsung Electro-Mechanics rose 10.09%, Samsung Biologics gained 4.82%, and SK hynix climbed 3.97%. SK Group fell 4.52%, LG Energy Solution dropped 4.33%, and Kia declined 3.79%.
At the same time, KOSDAQ was trading at 1,003.53, down 28.43 points, or 2.75%, from the previous session. Individuals were net buyers of 406.1 billion won, while foreigners and institutions were net sellers of 290.5 billion won and 108.2 billion won, respectively.
Kang Jin-hyuk, senior analyst at Shinhan Investment Corp., said, "The market absorbed the hawkish Federal Open Market Committee (FOMC) and the activation of the Middle East Memorandum of Understanding (MOU), while semiconductor-heavy buying pushed intraday prices to a new high." He added, "KOSDAQ is under pressure near the 1,000-point level as large-cap fund concentration intensifies and discount-rate concerns weigh on the market."

koreanbae@fnnews.com Bae Han-geul Reporter