On the 21st, the KOSPI recorded 3160.84 in a warm wind from the US, updating the reported price based on the closing price. This is because when US President Joe Biden took office, economic stimulus from the US began in earnest, and the preference for risky assets recovered.
According to the Korea Exchange, on this day, the KOSPI broke the 3150 line for the first time in 9 trading days since the 8th. As a foreign investor net bought 3683 billion won worth of money on that day, the KOSPI broke through 3150, which was considered a’psychological barrier’. This year, individual investors, who swept up 13 trillion won until this day, and caused controversy over the stock market, sold 62.5 billion won worth on that day to achieve a contrast. Institutional investors also net sold 2927 billion won, but the KOSPI ended higher thanks to the return of foreigners. Seo Jeong-hoon, a researcher at Samsung Securities, explained, “As the Biden government launched in earnest, the reinforced sentiment on preference for risky assets amid reduced expectations for economic stimulus has affected the domestic stock market.”
The stocks that foreigners intensively bought on this day are platforms and eco-friendly industries.
Foreigners net bought Naver worth 146.4 billion won on that day alone. On the 20th, Naver decided to acquire a 100% stake in Watpad, the world’s largest web novel platform, and it was in good shape. Netflix stock price, one of the world’s leading content platforms, soared 16.85% on the 20th, and the prediction that Naver can solidify its position as a content broker seems to have spread to the market. On the 21st, foreigners netted 78.1 billion won worth of Hyundai Motor, and SK Chemicals also bought 60.6 billion won. Seo Sang-young, a researcher at Kiwoom Securities, said, “Amid foreigners intensively buying chemical and mid-cap stocks in the afternoon, transport equipment such as automobiles and telecommunications in particular led the bull market, while sensitive stocks were relatively sluggish. It was similar to the New York Stock Market.”
Samsung Electronics, which ranked No. 1 in market capitalization, also attracted attention as its stock price soared at the last minute. On this day, the share price of Samsung Electronics was weak from the beginning of the market and rose by 1.03% to 8,100 won. It is analyzed that the news that Samsung Electronics signed a semiconductor foundry (consignment production) contract with Intel was belatedly delivered.
As President Biden officially took office and announced a return to the Paris Climate Change Agreement, automakers such as Hyundai Mobis also attracted attention as foreigners bought it. Experts expect the KOSPI to benefit as the US stock market rises for the time being. In an interview with CNBC on the 20th, Lehman Cooperman, chairman of Omega Investment Advisory, said, “The Democrat-led parliament will come up with aggressive fiscal stimulus measures.” Mentioned. For the time being, global stock markets are expected to continue a liquidity rally from the US. Earlier, when Morgan Stanley, an investment bank in the United States (IB), surveyed high-value investors over $1 million, 64% of respondents expected a gain in the first quarter.
For the time being, the possibility that the US will turn to austerity is also expected to be a good thing. As long-term interest rates in the US surged this year, volatility in the Korean stock market has increased since last week. The market is rapidly regaining stability, citing that US Treasury Secretary Janet Yellon and Fed Chair Jerome Powell are unlikely to turn to austerity. Samsung Futures researcher Heo Tae-oh analyzed, “If you put together the comments of Nominee Yellen and Chairman Powell, the easing of currency has become clear in the Biden era.”
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