On May 4 KOSPI Rises 5.12% After Foreign and Institutional Net Buying
On the afternoon of May 4, an electronic board in the dealing room of Shinhan Bank in Jung District, Seoul, displays the KOSPI index and the closing prices of SK hynix and Samsung Electronics after the KOSPI surged more than 5% and broke above the 6900 level for the first time ever. (Photo provided by Shinhan Bank)
The KOSPI closed at 6936.99, up more than 5%, breaking above the 6900 level for the first time ever. It also reset its all-time high.
According to the Korea Exchange on May 4, the KOSPI finished trading at 6936.99, up 5.12% from the previous session. During the session, it successively moved past the 5800 and 5900 levels.
The index opened at 6782.93, up 2.79% from the previous trading day. Although it appeared to move sideways briefly right after the opening, it soon maintained an upward trajectory throughout the session, surpassing the 6800 level and then breaking through the 6900 level as well.
Purchases by foreign and institutional investors strongly pushed the market higher. In the KOSPI market, foreign investors and institutions posted net purchases of 3 trillion 5.9623 billion won ($2.59 billion) and 2 trillion 5,568 billion won ($1.84 billion), respectively, leading the rally. By contrast, retail investors moved to take profits, posting net sales of 6 trillion 3.3364 billion won ($4.57 billion).
Top market-cap stocks also showed strength. Samsung Electronics and SK hynix, the No. 1 and No. 2 stocks by market capitalization, surged in the 5% range and 12% range, respectively, lifting the KOSPI.
Samsung Electronics ended trading at 232,500 won ($167.88), up 5.44%, simultaneously surpassing this year’s highest closing price based on closing prices, 226,000 won ($163.18) on April 29, and its intraday high, 230,000 won ($166.07) on April 30.
In particular, SK hynix achieved the “1.4 million hynix” milestone and exceeded a market capitalization of 1 quadrillion won for the first time ever. On this day, SK hynix closed at 1,447,000 won ($1,044.50), up 12.52% from the previous session. Market observers said heavyweight semiconductor stocks underpinned the index’s gains and boosted overall market sentiment.
The KOSDAQ, which opened at 1212.28, also closed at 1213.74, up 1.79% from the previous day.
In the Seoul foreign exchange market, the won-dollar exchange rate ended daytime trading at 1462.9 won per dollar, down 20.5 won from the previous session.
Yoon Young-sil
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