KOSPI regains 5,700 despite foreign investors’ selling; KOSDAQ rises in the 3% range [fn morning market update]

[Financial News] The KOSPI rebounded early in the session despite selling by foreign investors, recovering the 5,700 level.
As of 10:55 a.m. on the 16th, the KOSPI was trading at 5,702.72, up 148.50 points (2.67%) from the previous trading session.
Foreign investors continued their selling streak, posting net sales of 322.9 billion won. Individuals and institutions, by contrast, recorded net buying of 28.5 billion won and 65.1 billion won, respectively.
Samsung Electronics and SK hynix rebounded 2.14% and 2.38%, respectively. Other gainers included SK Square (3.66%), LG Energy Solution (0.50%), Samsung Electro-Mechanics (2.24%), Hyundai Motor (6.77%) and Samsung Biologics (4.97%).
Most sectors were higher. Entertainment and culture, transportation equipment and parts, pharmaceuticals, retail, securities, IT services, insurance, machinery and equipment, and food, beverages and tobacco were among those posting particularly sharp gains.
Han Ji-young, a researcher at Kiwoom Securities, said, “I believe the 5,100 level, corresponding to a forward price-to-earnings ratio (PER) of 1.0 times, is likely to be around the index’s bottom.” She forecast, “At the KOSPI’s 5,100 level, rather than betting on further downside risk, a strategy focused on recouping recent steep losses while assessing during the third- and fourth-quarter earnings season whether confidence in earnings recovers and concerns over artificial intelligence (AI) stocks ease would be effective.”
At the same time, the KOSDAQ was trading at 789.06, up 28.24 points (3.71%) from the previous session.

[email protected] Seo Min-ji Reporter