Latest news with #LeeJae-won


Korea Herald
5 days ago
- Business
- Korea Herald
Kospi hits 3,200 intraday milestone, closes lower amid profit-taking
South Korea's benchmark Kospi surged past the 3,200 milestone during intraday trading Friday for the first time in nearly four years, marking a new high in its ongoing rally. The Kospi opened at 3,186.35, up 0.1 percent from the previous day's close, extending Thursday's gains. Shortly after the opening bell, the index jumped past 3,200 and reached as high as 3,216.69 — a new year-high. After hitting its intraday peak, the index quickly pared gains and dropped to as low as 3,170.46 during afternoon trading. It ended the session at 3,175.77, down 0.23 percent, unable to reclaim the 3,200 mark by the close. Friday's rally marked the first time the benchmark index had surpassed the 3,200 threshold since September 2021. The latest milestone came just a day after the Kospi closed at a fresh high of 3,183.23 on Thursday. The Kospi first closed above the historic 3,000 mark on June 20, shortly after the presidential election. Just four days later, on June 24, it crossed the 3,100 level. Though the index dipped below 3,200 by the close on Friday, its intraday milestone — reached in under a month — underscores the market's upward momentum. Friday's advance was largely fueled by a buying spree from retail investors, who net purchased 146.6 billion won ($106 million) worth of shares on the Kospi, reinforcing signs of renewed domestic investor confidence. However, foreign and institutional investors capped gains by offloading 126.3 billion won and 66.6 billion won in shares, respectively. Among blue-chip stocks, Samsung Electronics and its preferred shares gained more than 2 percent on growing expectations of improved earnings in the second half of the year. LG Energy Solution (+1.1 percent), Kia (+0.7 percent) and KB Financial Group (+0.43 percent) also posted modest gains. On the other hand, Naver (-2.5 percent), Samsung Biologics (-2.13 percent) and SK hynix (-0.84 percent) saw declines. 'Amid expectations that Samsung Electronics' earnings will improve in the second half of this year, foreign buying strengthened. The market turned around Friday as underperforming large-cap stocks such as Samsung Electronics and secondary battery companies rebounded,' said Lee Jae-won, an analyst at Shinhan Securities. The secondary Kosdaq index closed at 800.47, up 0.35 percent on the day. During intraday trading, it climbed as high as 805.9, returning to the 800-point range for the first time since June 25. Unlike the Kospi, foreign and institutional investors were net buyers on the Kosdaq, purchasing shares worth 56.7 billion won and 9.5 billion won, respectively. Retail investors offloaded shares worth 63.7 billion won.


Korea Herald
01-07-2025
- Business
- Korea Herald
Kospi hits fresh high on easing global trade tensions, strong exports
Market watchers see room for further gains on Q2 earnings and policy tailwinds South Korea's Kospi climbed to a fresh annual high Tuesday, buoyed by overnight gains on Wall Street and optimism over easing global trade tensions. The benchmark index opened 0.58 percent higher at 3,089.64 and briefly surpassed the 3,130 mark around 9:35 a.m. It extended gains to reach 3,133.52 by 10:20 a.m., up 2 percent and exceeding its previous peak of 3,129.09 set last Wednesday — the highest level in nearly four years. Buying momentum was strong Tuesday morning, with the index hovering around 3,130. However, the rally lost steam in the afternoon, with the Kospi eventually drifting toward 3,090 by the close. Foreigners returned to net buying on Tuesday after four straight sessions of heavy selling, during which they offloaded 2.2 trillion won ($1.6 billion) in Kospi shares. By 3:30 p.m., they had net purchased over 100 billion won, with their buying fluctuating notably throughout the session. Foreigners trailed institutional investors, who led the rally with a net purchase of over 500 billion won. Retail investors turned net sellers, unloading about 650 billion won to lock in gains. The Kosdaq also posted modest gains, opening 0.42 percent higher at 784.8 and climbing to an intraday peak of 788.38. Institutional investors were net buyers, while retail and foreign investors trimmed their positions. Equities drew support from a strong overnight performance in US markets, where the S&P 500 closed at a record 6,207.95 and the tech-focused Nasdaq hit 20,369.73. Analysts attributed Wall Street's gains to optimism ahead of second-quarter earnings and easing trade tensions, including Canada's withdrawal of a planned digital tax and a 2 percent jump in Apple shares on AI momentum. Investor sentiment in Seoul was further lifted by robust export figures and rising expectations for market-friendly regulatory reforms. 'Korea's exports rose 4.3 percent on-year in June, with semiconductors hitting an all-time high and autos marking their strongest June on record,' said Lee Jae-won, a strategist at Shinhan Securities. 'On top, a proposed amendment to the Commercial Act is being tabled at the Legislation and Judiciary Committee today, and opposition parties that once opposed it are shifting stance, raising expectations for its passage this week.' The ruling Democratic Party of Korea is pushing to revise the Commercial Act to improve corporate governance and bolster minority shareholder rights, aiming to pass the bill before the June provisional parliamentary session ends this week. Han Ji-young, an analyst at Kiwoom Securities, said it is too soon to call an end to the market's upward momentum. 'There are still several potential upside catalysts this month, including the impact of Trump's universal tariffs, the second-quarter earnings and the details of the Commercial Act amendment,' he said. 'The recent pullback in Korean equities should be seen as a period of consolidation (not a trend reversal).'


Korea Herald
11-06-2025
- Automotive
- Korea Herald
Kospi soars to over 3-yr high on foreign buying spree, eased tariff uncertainties
South Korea's stock market surpassed the 2,900-point mark for the first time in over three years Wednesday, extending its winning streak to a sixth day, thanks to continued foreign inflow and progress in trade talks between the world's two biggest economies. The benchmark Korea Composite Stock Price Index added 35.19 points, or 1.23 percent, to close at 2,907.04, marking the highest level since January 14, 2022, when the index closed at 2,921.92. Trade volume was heavy at 383.5 million shares worth 12.3 trillion won ($9 billion), with winners outnumbering losers 600 to 281. Foreign investors continued their purchases of local shares for a sixth consecutive session. "The Kospi breached the 2,900-point mark on upbeat momentum created by favorable US-China trade negotiations and foreign investors' continued purchase of big-cap shares," Lee Jae-won, an analyst at Shinhan Securities, said. High-level officials from Washington and Beijing held trade talks in London for two days through Tuesday, where they agreed on a framework to carry out measures to resolve their trade disputes on rare earths and technology. Kim Jae-seung, an analyst at Hyundai Motor Securities, said expectations on the Lee Jae-myung government's policy to boost the local stock market also improved market sentiment. Lee, who took office last week, has pledged to usher in the 5,000-point era and get rid of the so-called Korea discount, which refers to investors' tendency undervalue South Korean assets due to geopolitical risks or other issues. Overnight, Wall Street also closed higher, with the Dow Jones Industrial Average rising 0.25 percent, the S&P 500 adding 0.55 percent, and the tech-heavy Nasdaq composite gaining 0.63 percent. In Seoul, tech behemoth Samsung Electronics increased 1.18 percent to 59,900 won, and its chipmaking rival SK hynix jumped 4.12 percent to 240,000 won. Top automaker Hyundai Motor climbed 2.03 percent to 201,000 won, while its sister Kia advanced 2.54 percent to 96,900 won. Hyundai Motor's auto-parts making affiliate, Hyundai Mobis, soared 4.91 percent to 288,500 won. Major nuclear power plant manufacturer Doosan Enerbility also surged 6.46 percent to 51,100 won, and Kakao, the operator of the country's dominant mobile messenger, went up 2.8 percent to 51,400 won. On the other hand, some of the big-cap defense and shipbuilding shares lost ground as investors sought to gain profit following their rally the previous day. Defense giant Hanwha Aerospace lost 3.31 percent to 905,000 won, and leading shipbuilder HD Hyundai Heavy dropped 2.11 percent to 418,000 won. Major financial firms also went down, with KB Financial dipping 3.34 percent to 107,200 won and Shinhan Financial losing 1.81 percent to 59,800 won. The local currency was trading at 1,375.0 won against the greenback at 3:30 p.m., down 10.7 won from the previous session. (Yonhap)


Korea Herald
04-06-2025
- Business
- Korea Herald
Kospi reclaims 2,700 intraday amid preelection momentum
South Korean stocks held firm Monday as anticipation of Tuesday's presidential election helped extend recent gains, with the benchmark Kospi reclaiming the 2,700 level during intraday trading on the final session before a new administration takes office. The Kospi opened strong at 2,709.92, nearly 10 points above Friday's close, and climbed to an early high of 2,719.87 within the first 20 minutes. The index remained above 2,700 through the morning before paring gains to end slightly higher at 2,698.97. While slightly weaker than last week's momentum, Monday's performance marked a continuation of the recent rally. The Kospi had broken above 2,700 last Wednesday for the first time in nine months, after months of trading between 2,400 and the mid-2,600s and stalling near 2,600 in May. Institutional investors weighed on the market, emerging as net sellers of roughly 241.5 billion won ($175.8 million). Foreign investors flipped the Kospi into positive territory late in the session, ramping up purchases to end as the day's biggest buyers with a net 125.1 billion won. Retail investors also helped support the index, adding 99 billion won in net purchases. The secondary Kosdaq showed a contrasting trend, climbing around 0.8 percent to close at 740.29. Unlike the Kospi, retail investors turned net sellers, offloading roughly 120 billion won, while foreign and institutional investors stepped in as net buyers, purchasing 111.7 billion won and 14.3 billion won, respectively. 'With the Kospi awaiting the outcome of Tuesday's presidential election, the market is heading into the holiday without a clear directional catalyst,' said Lee Jae-won, analyst at Shinhan Securities. Sector performance was mixed, with no clear trend across industries. Chipmakers such as Samsung Electronics and SK hynix posted modest gains, while Hyundai Heavy Industries and Hanwha Aerospace also stood out among heavyweight advancers. In contrast, financial stocks, which had rallied last week, surrendered part of their recent gains. Meanwhile, the Korean won weakened about 0.7 percent to trade near 1,374 won per US dollar as of 4 p.m. Monday. jwc@


Korea Herald
02-06-2025
- Business
- Korea Herald
Kospi reclaims 2,700 intraday amid preelection momentum
South Korean stocks held firm Monday as anticipation of Tuesday's presidential election helped extend recent gains, with the benchmark Kospi reclaiming the 2,700 level during intraday trading on the final session before a new administration takes office. The Kospi opened strong at 2,709.92, nearly 10 points above Friday's close, and climbed to an early high of 2,719.87 within the first 20 minutes. The index remained above 2,700 through the morning before paring gains to end slightly higher at 2,698.97. While slightly weaker than last week's momentum, Monday's performance marked a continuation of the recent rally. The Kospi had broken above 2,700 last Wednesday for the first time in nine months, after months of trading between 2,400 and the mid-2,600s and stalling near 2,600 in May. Institutional investors weighed on the market, emerging as net sellers of roughly 241.5 billion won ($175.8 million). Foreign investors flipped the Kospi into positive territory late in the session, ramping up purchases to end as the day's biggest buyers with a net 125.1 billion won. Retail investors also helped support the index, adding 99 billion won in net purchases. The secondary Kosdaq showed a contrasting trend, climbing around 0.8 percent to close at 740.29. Unlike the Kospi, retail investors turned net sellers, offloading roughly 120 billion won, while foreign and institutional investors stepped in as net buyers, purchasing 111.7 billion won and 14.3 billion won, respectively. 'With the Kospi awaiting the outcome of Tuesday's presidential election, the market is heading into the holiday without a clear directional catalyst,' said Lee Jae-won, analyst at Shinhan Securities. Sector performance was mixed, with no clear trend across industries. Chipmakers such as Samsung Electronics and SK hynix posted modest gains, while Hyundai Heavy Industries and Hanwha Aerospace also stood out among heavyweight advancers. In contrast, financial stocks, which had rallied last week, surrendered part of their recent gains. Meanwhile, the Korean won weakened about 0.7 percent to trade near 1,374 won per US dollar as of 4 p.m. Monday.