Korean Stocks Close Sharply Higher on June 1
The benchmark Korea Composite Stock Price Index (KOSPI) closed 1.75 percent up on June 1 from the previous session on the back of foreign and institutional buying. The KOSDAQ rose 3 percent, crossing the 730-point mark for the first time in about a year.
The KOSPI surged 35.48 points to close at 2,065.08 on June 1. The index started at 2,037.04 points, up 7.44 points from the previous session, but later rose to the 2,060-point level at 1:35 p.m.
Foreign investors net purchased 110.3 billion won worth of shares, with institutional investors’ net purchases amount to 326.2 billion won. Individuals posted 447.3 billion won in net selling.
The KOSDAQ closed at 735.72, up by 22.04 points, or 3.09 percent, from the previous trading session. It surpassed the 730-point mark for the first time in a year and a month since May 8, 2019 (745.37).
Foreigners net purchased 56.2 billion won worth of stock and institutions 19.3 billion won, while individuals sold a net 58.8 billion won.
"As the financial market has risen to the level before the COVID-19 outbreak, investors have higher hopes for an improvement," Kiwoom Securities said in a report. "However, the escalating conflict between the U.S. and China is burdensome."