KOSPI 7,291.91 closes; bank stocks emerge as defensive plays
The KOSPI 45.12 points (0.62%) higher, closing at 7,291.91. Amid selling of 1.5 trillion won by retail investors, “pension funds” were deployed to defend the index, while the banking sector showed relative strength. The KOSDAQ returned from the 700 range to the 800 range in a single day, led higher by semiconductor materials, components and equipment stocks.
The KOSPI 45.12 points (0.62%) higher, closing at 7,291.91. Notably, the banking sector stood out as a defensive play amid a volatile session.
The market briefly turned lower during the session. The pattern of repeated gains and losses continued.
Retail investors recorded net sales of approximately 1.5 trillion won over the day. In tandem, “pension funds” were deployed to defend the index.
Banking stocks were generally strong. They closed in a way that partially absorbed the market’s downside pressure.
The KOSDAQ escaped the previous day’s 700-percent weakness in a single day and returned to the 800-percent range. Stocks related to semiconductor materials, components and equipment led the gains.
SK hynix was reportedly affected positively by US-related news being reflected in the market. The company’s external schedule had some influence on the index.
By type of market participant, individual selling and buying by other participants were mixed. As a result, the index closed higher, but instability during the session remained.
The closing figures for the session were as above, and investors are checking future disclosures and earnings schedules.