Kospi hits 3,200 intraday milestone, closes lower amid profit-taking
The Kospi opened at 3,186.35, up 0.1 percent from the previous day's close, extending Thursday's gains. Shortly after the opening bell, the index jumped past 3,200 and reached as high as 3,216.69 — a new year-high.
After hitting its intraday peak, the index quickly pared gains and dropped to as low as 3,170.46 during afternoon trading. It ended the session at 3,175.77, down 0.23 percent, unable to reclaim the 3,200 mark by the close.
Friday's rally marked the first time the benchmark index had surpassed the 3,200 threshold since September 2021. The latest milestone came just a day after the Kospi closed at a fresh high of 3,183.23 on Thursday.
The Kospi first closed above the historic 3,000 mark on June 20, shortly after the presidential election. Just four days later, on June 24, it crossed the 3,100 level.
Though the index dipped below 3,200 by the close on Friday, its intraday milestone — reached in under a month — underscores the market's upward momentum.
Friday's advance was largely fueled by a buying spree from retail investors, who net purchased 146.6 billion won ($106 million) worth of shares on the Kospi, reinforcing signs of renewed domestic investor confidence.
However, foreign and institutional investors capped gains by offloading 126.3 billion won and 66.6 billion won in shares, respectively.
Among blue-chip stocks, Samsung Electronics and its preferred shares gained more than 2 percent on growing expectations of improved earnings in the second half of the year. LG Energy Solution (+1.1 percent), Kia (+0.7 percent) and KB Financial Group (+0.43 percent) also posted modest gains.
On the other hand, Naver (-2.5 percent), Samsung Biologics (-2.13 percent) and SK hynix (-0.84 percent) saw declines.
'Amid expectations that Samsung Electronics' earnings will improve in the second half of this year, foreign buying strengthened. The market turned around Friday as underperforming large-cap stocks such as Samsung Electronics and secondary battery companies rebounded,' said Lee Jae-won, an analyst at Shinhan Securities.
The secondary Kosdaq index closed at 800.47, up 0.35 percent on the day. During intraday trading, it climbed as high as 805.9, returning to the 800-point range for the first time since June 25.
Unlike the Kospi, foreign and institutional investors were net buyers on the Kosdaq, purchasing shares worth 56.7 billion won and 9.5 billion won, respectively. Retail investors offloaded shares worth 63.7 billion won.
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Korea Herald
2 days ago
- Korea Herald
Kospi hits 3,200 intraday milestone, closes lower amid profit-taking
South Korea's benchmark Kospi surged past the 3,200 milestone during intraday trading Friday for the first time in nearly four years, marking a new high in its ongoing rally. The Kospi opened at 3,186.35, up 0.1 percent from the previous day's close, extending Thursday's gains. Shortly after the opening bell, the index jumped past 3,200 and reached as high as 3,216.69 — a new year-high. After hitting its intraday peak, the index quickly pared gains and dropped to as low as 3,170.46 during afternoon trading. It ended the session at 3,175.77, down 0.23 percent, unable to reclaim the 3,200 mark by the close. Friday's rally marked the first time the benchmark index had surpassed the 3,200 threshold since September 2021. The latest milestone came just a day after the Kospi closed at a fresh high of 3,183.23 on Thursday. The Kospi first closed above the historic 3,000 mark on June 20, shortly after the presidential election. Just four days later, on June 24, it crossed the 3,100 level. Though the index dipped below 3,200 by the close on Friday, its intraday milestone — reached in under a month — underscores the market's upward momentum. Friday's advance was largely fueled by a buying spree from retail investors, who net purchased 146.6 billion won ($106 million) worth of shares on the Kospi, reinforcing signs of renewed domestic investor confidence. However, foreign and institutional investors capped gains by offloading 126.3 billion won and 66.6 billion won in shares, respectively. Among blue-chip stocks, Samsung Electronics and its preferred shares gained more than 2 percent on growing expectations of improved earnings in the second half of the year. LG Energy Solution (+1.1 percent), Kia (+0.7 percent) and KB Financial Group (+0.43 percent) also posted modest gains. On the other hand, Naver (-2.5 percent), Samsung Biologics (-2.13 percent) and SK hynix (-0.84 percent) saw declines. 'Amid expectations that Samsung Electronics' earnings will improve in the second half of this year, foreign buying strengthened. The market turned around Friday as underperforming large-cap stocks such as Samsung Electronics and secondary battery companies rebounded,' said Lee Jae-won, an analyst at Shinhan Securities. The secondary Kosdaq index closed at 800.47, up 0.35 percent on the day. During intraday trading, it climbed as high as 805.9, returning to the 800-point range for the first time since June 25. Unlike the Kospi, foreign and institutional investors were net buyers on the Kosdaq, purchasing shares worth 56.7 billion won and 9.5 billion won, respectively. Retail investors offloaded shares worth 63.7 billion won.
Korea Herald
2 days ago
- Korea Herald
Burned once, business owners demand safeguards before inter-Korean projects resume
A coalition of business owners previously engaged in inter-Korean economic cooperation — and compelled to withdraw from it abruptly — urged Seoul on Friday to establish legal safeguards for businesspeople before resuming any cross-border projects. The Federation of Inter-Korean Economic Cooperation Organizations — composed of businesspeople who were forced to wind down operations amid deteriorating inter-Korean relations — emphasized the need to protect businesspeople from abrupt, involuntary shutdowns and collateral damage. The group held a news conference in front of the presidential office in Yongsan at a juncture when the Lee Jae-myung administration has expressed its intent to restore inter-Korean ties, raising hopes for a revival of inter-Korean economic cooperation. 'Laws must be enacted to ensure that all inter-Korean exchanges and economic cooperation are protected within a legal framework and can proceed securely, without being shaken by changes in government or political shifts,' the group said during a news conference. 'If such institutional protections are not ensured, who would again be able to invest in or commit to inter-Korean economic cooperation? The situation where citizens go bankrupt, lose their jobs overnight and end up on the streets due to decisions made by the state must never be repeated.' The federation is specifically composed of businesspeople who had long been involved in inter-Korean economic cooperation, including those who operated businesses in coordination with North Korea or participated in tourism to Mount Kumgang. However, 123 South Korean companies that ran factories at the now-shuttered Kaesong Industrial Complex were not part of the group. Around 1,000 businesses operated across the border in North Korea — including in industrial zones such as the Sinuiju Special Economic Zone and about 50 linked to the Mount Kumgang project. Today, fewer than 350 of those businesses can still be contacted, according to the group. The Lee Myung-bak administration announced the so-called 'May 24 Measures' on May 24, 2010, suspending all inter-Korean exchanges and economic cooperation — except for the Kaesong Industrial Complex. The measures were imposed in response to North Korea's deadly sinking of the South Korean warship Cheonan in March 2010. In July 2008, the Lee Myung-bak administration suspended all tours to Mount Kumgang after a South Korean tourist was shot and killed by a North Korean soldier at the Mount Kumgang resort earlier that month. The group stressed that businesspeople compelled to withdraw have received insufficient compensation from the South Korean government for the losses incurred due to its decision to suspend inter-Korean cooperation projects. As for compensation, companies operating within North Korea's special economic zones and those involved in the Mount Kumgang tourism project received only about 45 percent of their fixed asset investments — much less than what business owners at the Kaesong Industrial Complex received. 'Many businesspeople who lost their livelihoods and jobs overnight have since faced suicide, family breakdowns and corporate bankruptcies, leaving them unable to recover to this day,' the group said. Meanwhile, the Korea Federation of Small and Medium Business on Friday expressed hope for the potential resumption of inter-Korean economic cooperation in light of the Lee administration's commitment to establishing peace on the Korean Peninsula and normalizing inter-Korean relations. 'Because the Kaesong Industrial Complex shares a common language and is geographically close, it offers a more favorable environment for small and medium-sized enterprises than overseas expansion, particularly in terms of collaboration and production,' the KBIZ said in a statement. 'We hope that the Kaesong Industrial Complex will resume operations as soon as possible. The SME community will actively cooperate with the government to restart and revitalize inter-Korean economic cooperation.'
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Samyang's hot streak: Global Buldak craze sends stock to record high
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