South Korea's two major stock markets are showing strength in early trading. Foreign investors are net buyers on KOSPI, while retail investors are net buyers on KOSDAQ. The domestic stock market is holding up well despite rising U.S. Treasury yields.
As of 9:15 a.m. on the 30th, the KOSPI index stands at 6,951.42, up 80.61 points (1.17%) from the previous day. KOSPI opened at 6,943.47, up 72.66 points (1.06%). The index rebounded for the first time in three days.
On the 29th (local time), the Dow Jones Industrial Average on the New York Stock Exchange closed at 51,349.92, down 131.59 points (0.26%) from the previous trading session. The Standard & Poor's (S&P) 500 index fell 12.85 points (0.17%) to 7,670.84, and the NASDAQ Composite Index dropped 22.84 points (0.09%) to 26,797.54.
The consensus in the industry is that the decline in the New York stock market was due to interest rates. On the same day, the U.S. 30-year Treasury yield rose as high as 5.621% during trading, marking its highest level in 24 years since 2002. The U.S. 10-year Treasury yield, a global benchmark, also climbed to 5.293% intraday.
Despite the rise in U.S. Treasury yields, buying by foreign investors is evident on KOSPI. As of this moment, foreigners have made net purchases of KOSPI stocks worth 15.8 billion won. In contrast, retail investors and institutional investors are making net sales of stocks worth 59 billion won and 75.2 billion won, respectively.
By sector on KOSPI, medical and precision instruments as well as machinery and equipment rose by over 1%, while insurance and real estate fell by over 1%.
Among top market capitalization stocks on KOSPI, SK Hynix, SK Square, Samsung C&T, Doosan Enerbility, and HD Hyundai Heavy Industries jumped by over 1%. Samsung Electronics is trading nearly flat. Hyundai Motor, Samsung Biologics, and Shinhan Financial Group are down by over 1%.
KOSDAQ stands at 857.06, up 7.27 points (0.85%) from the previous trading session as of the same time. KOSDAQ opened at 854.78, up 4.98 points (0.59%), and has continued to trade near its opening level.
Retail investors are leading supply and demand on KOSDAQ. As of this moment, retail investors have made net purchases of stocks worth 30.7 billion won, while foreign investors and institutional investors are making net sales of stocks worth 3.2 billion won and 13.5 billion won, respectively. Foreign investors have been alternating between net buying and net selling since the start of trading.
By sector on KOSDAQ, machinery and equipment, chemicals, and metals have risen by over 2% as of this moment.
Among top market capitalization stocks on KOSDAQ, Iotech rose by over 5%. Following that, Jusung Engineering is up by over 4%, while HPSP and Padou are each rising by over 3%.
As of 9:30 a.m., the won-dollar exchange rate recorded 1,351.4 won, down 5.3 won from the previous day's daytime closing price.
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