[ad_1]
Net purchase of 6.3 trillion won from foreigners over 13 days amid strong won
Securities team = Kospi broke the 2,600 line thanks to the march of the “lion” of foreigners and then set a new record for closing prices.
On the 23rd, KOSPI closed at 2,602.59, 49.09 points (1.92%) more than the previous trading day.
Based on the closing price, it broke the record of 2,598.19, set on January 29, 2018, and entered 2,600 units for the first time.
The record in the market is not far off.
On this day, it rose to 2,605.58 during the intraday and approached 2,607.10 on January 29, 2018, an all-time high during the intraday, with a difference of only 1.52 points.
Compared to the annual low (1,457.64) on March 19, when the pandemic sale of a new coronavirus infection (Corona 19) peaked on March 19, it was up 78.6% (1,145 points).
Recently, in Korea, the number of new coronavirus (Corona 19) infections rose rapidly, and when the ‘third epidemic’ began in earnest, fears of economic contraction arose again.
In many parts of the world, such as the United States and Europe, the pace of Corona 19 reproliferation is accelerating and there is an atmosphere of expanding economic containment measures.
However, the KOSPI has been on the rise for the fourth day, driven by foreign purchases.
Foreigners showed an advantage when buying KOSPI for 13 consecutive business days starting on day 5.
On this day, foreigners led the index rise by net buying 985 billion won from KOSPI.
The cumulative amount of foreign net purchase for 13 business days was 6.3649 million won.
By shares, large-cap stocks such as Samsung Electronics (4.33%) and SK Hynix (3.31%), driven by foreign purchases, rose the index.
First, the strong won created a favorable environment for foreign buyers.
On that day, the won / dollar exchange rate on the Seoul foreign exchange market ended at 1,110.4 won, 3.9 won less than on the battlefield.
The won / dollar exchange rate has fallen to the 1,100 won range, the lowest in 29 months last week, but is currently moving from the 1,110 won range.
Additionally, despite concerns about Corona 19 reproliferation, global pharmaceutical companies continue to announce Corona 19 vaccine results, and expectations for the vaccine continue to weigh positively on investment sentiment.
In particular, the observation that if world economic activity normalizes with the spread of the corona vaccine, it is beneficial for Korea, which has a large share in exports.
Samsung Securities Investment Information Team Leader Jung Myung-ji said: “Our country is somewhat concerned about the spread of Corona 19, but this is a problem that can be extinguished once a vaccine is released.”
The alleviation of uncertainties related to the US presidential election is also positive material for the stock market.
Despite President Donald Trump’s dissatisfaction, there is a growing possibility that President-elect Joe Biden is the ultimate winner.
Furthermore, if the biden administration, which promoted multilateralism, is launched, there are high hopes that trade conflicts will be mitigated and the business environment improved.
Oh Tae-dong, head of investment strategy at NH Investment & Securities, said: “There is a high possibility that Biden will be confirmed as president-elect of the United States, which raises expectations to ease uncertainties.” .
He added: “There appears to be a high possibility of liquidity redistribution to Korea and China, where Corona 19 is controlled to some extent and exports are large.”
Therefore, expectations of a recovery in exports have a positive effect on the KOSPI because exports greatly influence the performance of domestic companies.
According to the Korean Customs Service announcement on that day, exports (preliminary value for customs clearance) from the 1st to the 20th of this month were $ 31.3 billion, an increase of 11.1% over the same period last year.
Lee Jae-man, head of the investment strategy team at Hana Financial Investment, said: “Foreigners are sensitive to the exchange rate of exports in Korea because exports eventually make a profit.”
/ yunhap news
