“I Thought It Was Going Down”... KOSPI Composite Index Ends Higher on Buying by Other Corporations [fn Market Close]

[Financial News] The KOSPI Composite Index turned lower during the session but ultimately finished higher on strong buying by other corporations, led by purchases of treasury shares.
The KOSPI Composite Index closed at 6,579.48 on the 3rd, up 16.76 points, or 0.26%, from the previous session. It opened at 6,650.33, up 87.61 points, or 1.33%, but fell as much as 1.88% to 6,439.49 before turning higher just before the close.
In the KOSPI market, retail investors, foreign investors and institutions recorded net sales of 955.1 billion won, 419.3 billion won and 215.2 billion won, respectively. However, other corporations posted net purchases of 1.5936 trillion won, cushioning the index’s decline.
Kim Joo-yeon, a researcher at Mirae Asset Securities, said, “Retail investors, foreign investors and institutions all sold in the KOSPI Composite Index today.” Kim added, “Only buying by other corporations served as a ‘support.’”
Among the largest companies by market capitalization, Samsung Electronics (-0.20%), SK hynix (-1.05%), SK Square (-0.10%), Samsung Electro-Mechanics (-3.71%) and Samsung Biologics (-1.60%) closed lower. In contrast, LG Energy Solution (5.18%), Hyundai Motor Company (1.46%), KB Financial Group (5.20%) and Samsung Life Insurance (3.06%) gained.
By sector, insurance (4.44%), construction (3.45%), electricity and gas (3.22%), transportation equipment and parts (2.69%), transportation and warehousing (2.61%), and machinery and equipment (2.50%) were strong. Textiles and apparel (-1.56%), telecommunications (-1.38%), medical and precision instruments (-1.13%), IT services (-1.10%), pharmaceuticals (-0.96%), and electrical and electronics (-0.53%) weakened.
KOSDAQ (Korea Securities Dealers Automated Quotations) closed at 790.21, down 13.77 points, or 1.71%, from the previous session. It opened at 814.31, up 10.33 points, or 1.28%, but later turned lower.
In KOSDAQ, retail investors were the only net buyers, purchasing 294.9 billion won. Institutions and foreign investors sold 184.5 billion won and 109.4 billion won worth of shares, respectively.
[email protected] Lim Sang-hyeok Reporter