Reviving Tech Market
According to the Korea Exchange, the Korea Securities Dealers Automated Quotations (KOSDAQ) gained 1.26 percent from the previous trading session to close at 581.39 points on Jan. 15.
The index is the highest since May 29, 2013, when it had closed at 585.69. Also, the market capitalization of the stock market segment added up to 153.8 trillion won (US$142.8 billion) on that day to reach a new high.
“The government made public its plan for the promotion of a creative financial industry ecosystem on January 15 and expectations for fintech stocks and the like led the upturn,” the Korea Exchange explained. In this month, Internet, software and digital contents stocks have boosted the index with a rate of increase of 22.6 percent, 12.5 percent, and 12.2 percent each.
Institutional investors, which recorded a net selling of more than 200 billion won (US$185 million) last year, have continued their buying streak this month to accelerate the growth of the index. Their net purchase adds up to 345.3 billion won (US$320.5 million) this month alone.