The KOSDAQ surpassed 1000 during the week on the 26th. This is the first time since September 14, 2000, when the’information technology (IT) bubble’ broke out. However, on this day, the KOSPI and KOSDAQ indices fell as foreign investors net sold 2 trillion won in the two stock markets. As the People’s Bank of China suggested tightening on the day, the overall Asian stock market was weak.
On this day, the KOSDAQ index surpassed 1000 with the opening and rose to 1007.4 during the intraday, but then turned downward.
On this day, the KOSDAQ index closed at 994, down 0.53% from the previous day.
Although it was on a downtrend this day, it was the so-called’Donghak ant’ who led the increase in the KOSDAQ index up to the threshold of’Cheonsdaq’. According to the Korea Exchange, this year, individual investors net bought 2,571.6 billion won in the KOSDAQ market. Institutional investors received the sales amount worth KRW 1.79 trillion. Foreign investors also sold net sales worth KRW 198.5 billion in the KOSDAQ market this year, but thanks to individual bulk purchases, the KOSDAQ index could rise by 2.64% until the 26th of this year. The KOSDAQ index reached an all-time low of 261.19 on October 27, 2008, but it gradually recovered and climbed to the threshold of’Cheonsdaq’. Considering that the KOSPI rose 9.29% over the same period, it is analyzed that there is relatively upside potential.
KB Securities researcher Ha In-hwan said, “As the Asian stock market was generally weak on the 26th, the Korean stock market was also hit. The decline in the Korean stock market is judged to be a short-term correction, and it will not exceed the drop in mid-January.”
However, in recent years, the burden of’overheating’ has been raised due to the march to record the highest.
The power of the recent rally in the Korean stock market is oversupplied liquidity. Anytime interest rates rise or major countries turn to tightening, the stock market could plummet. It was for this reason that the KOSDAQ index recorded four digits after 20 years and 4 months on this day, but the cheer did not last long.
An individual net bought 4114 billion won, but it was not enough. On this day, the KOSPI also ended with a record of 3140.31, down 2.14% from the previous day, and individuals net bought 4,205 billion won worth. It is the most bought since the net purchase worth 4,492.1 billion won on the 11th. Individuals net bought over 4 trillion won in both stock markets on that day alone, but the indexes all closed down. The net purchase amount of individual individuals combined with the securities market and the KOSDAQ market was 4.6164.
On this day, foreigners net sold 1,969.9 billion won in the securities market and 210 billion won in the KOSDAQ market.
In particular, foreigners sold 958.8 billion won of KOSPI 200 futures and Mini KOSPI 200 futures on this day. China is suddenly
This seems to be because the market is concerned about the possibility of turning to austerity.
According to Bloomberg, on the 26th, the People’s Bank of China announced that it would withdraw from the manipulation of the open market worth 78 billion yuan (about 13.309 trillion won). It was implied that China should return to austerity as it judged that it had already escaped from the corona 19 crisis. Seok-won Choi, head of SK Securities Research Center, said, “The news of the People’s Bank of China’s liquidity recovery is affecting the global stock markets, including Korea.” There wasn’t much need to do it, but the asset price pressure was the same.” Choi added, “For this reason, it would have been necessary for China to change its policy direction.”
As the Korean economy is in sync with China, this is an analysis that it will come as a shock to the Korean stock market. Lee Jae-sun, a researcher at Hana Financial Investment, said, “It is possible that the People’s Bank of China took a preemptive action to recover some of its liquidity because the economic recovery is fast in a situation where liquidity is already released. Ahead of the announcement of their achievements, a vigilant sentiment would have come into play, and the desire to realize profits would have emerged.”
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