Rebounding Expected
The daily trading value of the KOSDAQ surpassed 3 trillion won (US$2.65 billion). Experts expect that the KOSDAQ index will harden the bottom and rebound again.
According to the Korea Exchange on September 11, the daily trading value of the KOSDAQ market exceeded 3.6 trillion won (US$3.18 billion). The figure surpassed the 3.6 trillion won (US$3.18 billion) mark for the first time in three months after 3.86 trillion won (US$3.41 billion) on June 8. The KOSDAQ index remained at the 670 level at that time.
The daily trading value of the KOSDAQ market was extremely low in August. The figure in August was far short of 3 trillion won (US$2.65 billion). The daily trading value on August 21 shrunk to as low as 2.24 trillion won (US$1.98 billion), the second lowest this year. The daily trading value exceeded 3 trillion won (US$2.65 billion) only three trading days in August.
However, the daily trading value started surpassing 3 trillion won (US$2.65 billion) this month. The figure exceeded 3 trillion won (US$2.65 billion) in four out of seven trading days this month and the number of figures that surpassed the 3 trillion won (US$2.65 billion) mark last month already passed.
The KOSDAQ index has shown a rising trend from the end of last month when the trading value started increasing. The index grew from 640 on August 24 to 650 now. The index is on the increase this month despite geographical risks including North Korea’s nuclear tests. This is why market experts believe that the KOSDAQ index bottoms out and shows an upward tendency.
In addition, foreigners continue to buy stocks. Foreigner investors have net bought 64 billion won (US$56.71 million) worth of stocks in the KOSDAQ market this month, while institutional investors have net purchased 51 billion won (US$45.18 million) worth of stocks.
A small cap researcher at a domestic securities firm said, “The KOSDAQ market seems to be getting out of the long tunnel of bottom levels. The daily trading value doesn’t surpass 4 trillion won (US$3.54 billion) like the past but the fact that the figure re-entered the 3 trillion won (US$2.65 billion) level is a sign that the market is reviving.”