Institutions buy into large caps ahead of U.S. tech earnings
KOSDAQ slips as foreigners and funds take profits
The KOSPI extended its record run on Tuesday, briefly rising above 6,700 before easing to finish at a new closing high of 6,641.02. The benchmark opened higher and climbed to 6,712.73 intraday, marking a second straight day of all-time highs.
Institutions were net buyers in the cash market, while foreigners and retail investors sold into strength. Institutional investors bought about 357 billion won of KOSPI shares, offsetting net sales of roughly 185 billion won by foreigners and 136 billion won by individuals. Foreign investors also sold KOSPI 200 futures on a net basis, adding to profit-taking after the recent surge. Turnover reached about 37.5 trillion won on the main board, and 13.8 trillion won on the KOSDAQ.
With no major domestic data on the day, traders focused on upcoming first-quarter earnings from major U.S. technology firms and this week’s Federal Open Market Committee meeting. Tensions between the United States and Iran over the nuclear program and the Strait of Hormuz remained unresolved, but the geopolitical backdrop did little to derail demand for Korean equities. “Caution ahead of U.S. big tech results is capping the upside, and we’re seeing more stock-by-stock divergence as earnings come through,” said Lee Kyung-min, an analyst at Daishin Securities.
Among heavyweight names, SK hynix, Hyundai Motor, and LG Energy Solution advanced, while Samsung Electronics, Doosan Enerbility and Hanwha Aerospace edged lower. SK Hynix touched a new 52-week intraday high near 1.33 million won before paring gains. Metals, construction, and IT services led sector moves on the upside, while utilities, machinery and real estate names slipped. Advancers and decliners were roughly balanced on the KOSPI.
The tech-heavy KOSDAQ ended weaker after an early uptick. The index closed at 1,215.58, about 0.9 percent lower on the day, as foreign and institutional investors turned net sellers and retail buyers absorbed supply. Battery materials and some biotech names outperformed, while select robotics and healthcare stocks came under pressure.
By Min Byung-kwun, KDFN
kdf＠kdfnews.com
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