Corporate buybacks prop up KOSPI despite broad investor selling
Seoul stocks eked out modest gains Tuesday, as corporate buying helped the KOSPI hold above 6,800 despite net selling by retail, foreign and institutional investors. The benchmark index opened at 6,784.29, down 0.52 percent from the previous session, and extended its losses early in the day before gradually recovering to trade around the flat line. It ended at 6,835.8, up 0.23 percent. All three…
Seoul's stock market saw a slight uptick on Tuesday, with corporate buying helping the KOSPI index stay above 6,800 despite overall investor selling. The benchmark index started at 6,784.29, a 0.52% decrease from the previous day, but bounced back to trade near flat at 6,835.8, marking a 0.23% increase. All three major investor categories reported net selling: foreign investors sold 486.7 billion won ($355 million) worth of shares, while institutional and retail investors offloaded 634 billion won and 539.7 billion won respectively.
However, companies, distinct from the primary investor groups, made up for this with a net purchase of 1.62 trillion won, largely through share buybacks by Samsung Electronics and SK hynix. Samsung Electronics rose 0.38% to 261,000 won, and SK hynix gained 1.14% to 1.69 million won. Analysts suggested that corporate buying could serve as a short-term stabilizing force for the market, but it was unlikely to fuel a sustained rally.
"Corporate investor activity could provide a temporary floor, but a sustained upward trend seems improbable," they noted.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Corporate buybacks prop up KOSPI despite broad investor selling koreatimes.co.kr
