[Closing Market] KOSPI Rebounds Past 5,370 on Foreign Buying
On Nov. 11, the domestic stock market started weak in the aftermath of inflation vigilance and concerns over interest rate hikes by the Federal Reserve highlighted in the US New York stock market overnight, but succeeded in a strong rebound as massive foreign buying flowed in during the trading sess
On November 11, the South Korean KOSPI stock market experienced a strong rebound, crossing the 5,370 mark, after initially weakening due to global concerns over inflation and interest rate hikes. The KOSPI opened at 5,209.71, a 29.42-point (0.56%) decline from the previous day, but managed to recover as foreign investors aggressively bought large-cap semiconductor stocks. By the end of the trading day, the KOSPI closed at 5,375.36, marking a 2.60% increase from the previous day and reclaiming the 5,300 point level.
The KOSDAQ index also displayed a surging trend, surging past the 700 mark and closing at 705.10, a 5.62% gain from the previous day. The surge was driven by foreign investors' buying enthusiasm, with a temporary suspension of program purchase quotes impacting the market. Major large-cap stocks, particularly semiconductor companies like Samsung Electronics and SK hynix, played a crucial role in fueling the upward trend.
Foreign investors purchased 449.1 billion won worth of large-cap KOSPI stocks, turning from sellers to buyers and driving the index rise. Institutional investors, on the other hand, sold off 355.7 billion won in profit realization and risk management. Retail investors further strengthened the upward momentum by selling off 634 billion won in profit realization and leveraging volumes.
Across all sectors, top market capitalization stocks showed an overall increase, with Samsung Electronics and SK hynix leading the charge. The won/dollar exchange rate also followed the trend, closing at 1,333.6 won, a 3.9 won decrease from the previous trading day. Despite the macro uncertainty and inflation concerns, the South Korean stock market proved resilient and demonstrated strength in overcoming global adverse factors.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
