“Has it fallen too far?” KOSPI turns higher on bargain hunting [fn Morning Market Update]

[Financial News] The KOSPI, which plunged last week, has turned higher intraday and is holding above the 5,000 mark.
As of 11:12 a.m. on the 9th, the KOSPI was trading at 5,150.76, up 91.07 points (1.80%) from the previous trading day. The index opened lower but turned higher on institutional buying.
On the securities market, institutions were net buyers of 647.1 billion won. Individuals and foreign investors, by contrast, were net sellers of 243.4 billion won and 561.3 billion won, respectively.
Samsung Electronics was up 3.18% and SK hynix 4.24%. Other gainers included SK Square (2.35%), Samsung Biologics (2.90%), KB Financial Group (0.86%), Celltrion (0.71%) and Samsung Life Insurance (2.13%). LG Energy Solution (-2.67%), Samsung Electro-Mechanics (-0.69%) and Hyundai Motor (-0.18%), among others, were weaker.
By sector, medical and precision instruments, electrical and electronic equipment, paper and wood, manufacturing, pharmaceuticals, IT services and insurance were strong. Transportation and warehousing, securities, food and beverages and tobacco, transport equipment and parts, metals and real estate were lower.
Han Ji-young, a researcher at KIWOOM Securities, said, “When adjusted for the average rate of decline relative to the duration, this year’s correction is about 5.6 times as severe as the IMF Crisis and about 2.2 times as severe as the financial crisis.” Han added, “This suggests that demand for bargain buying has increased on the perception that the market has fallen too far.”
Han added, “Unless new negative factors emerge on the macroeconomic or AI fronts, a cascading plunge like last week’s will not be repeated.”
Meanwhile, at the same time, the KOSDAQ (Korea Securities Dealers Automated Quotations) was trading at 651.73, up 7.46 points (1.16%) from the previous session.

[email protected] Seo Min-ji Reporter