Feb 26 • 07:23 UTC 🇰🇷 Korea Hankyoreh (KR)

KOSPI Breaks 6200 and 6300 in a Day... Samsung and SK Hynix Rise by 7% Each

The KOSPI index surged past 6300, buoyed by over a 7% rise in Samsung Electronics and SK Hynix, marking a nearly 50% increase in the index this year.

KOSPI, South Korea's leading stock market index, experienced a significant surge as it jumped past both 6200 and 6300 on the same day, primarily driven by substantial increases in the stock prices of major companies like Samsung Electronics and SK Hynix. On the 26th, KOSPI closed at 6307.27, up 3.67% from the previous trading day, continuing a six-day streak of gains totaling 14.5%, which has lifted the index nearly 50% since the beginning of the year. This rally underscores investor confidence in South Korea's economic prospects.

The day began with KOSPI opening at 6121.03, steadily climbing to surpass 6200 before accelerating further in the afternoon. Samsung Electronics saw its shares rise by 7.13%, while SK Hynix increased by 7.96%. Interestingly, while domestic institutional investors and individual investors were engaging in substantial buying, foreign investors sold off large amounts of their holdings, realizing profits after this rally. The data showed a net sell-off of over 2 trillion won by foreign investors across the securities market, particularly focusing on Samsung and SK Hynix stocks.

In contrast, local institutional and individual investors were active in the market, buying shares worth over 1.2 trillion and 6599 billion won, respectively. This trend seems to indicate a shift in market dynamics, where domestic players are increasingly optimistic about the South Korea market while foreign investors are realizing profits from earlier gains. Additionally, the KOSDAQ index also rose, closing at 1188.15, indicating a broad positive sentiment in the South Korean stock market overall. The currency rate also currently reflects a strengthening of the won against the dollar, adding to favorable market conditions.

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