In the past, due to the adjustment of the reference index… First entry by market force
Ever since last year, individual net purchases… Foreigners and institutions
Expectations to settle down due to the late January effect ↑
[이미지출처=연합뉴스]
[아시아경제 이민우 기자] The KOSDAQ surpassed 1000 in 20 years. Although the spread of the novel coronavirus infection (Corona 19) is still considered a variable, it is predicted that the enormous liquidity will lead to the circulation of small and medium-cap stocks and settle at the 1000 line.
On the 26th, the KOSDAQ opened at 1000, an increase of 0.07% (0.70 points) compared to the previous day. After recording 1020.70 on September 14, 2000, it entered the four-digit number after 20 years. At that time, the stock price was the result of raising the base index from 100 to 1000 in January 2004 and applying it retroactively, and the previous indices were called 10 times. Considering this, it is in fact that the first 1000 era was entered by the power of the market.
The protagonists of the 1000 era are individual investors. Individuals net bought 16,3174 billion won in the KOSDAQ market last year. Compared to the previous year, it increased by 158.7%. This is in contrast to the net selling of 10,4751 billion won and 1476 billion won respectively by institutions and foreigners. Even into this year, the buying trend of individuals continued steadily. It has bought a total of 2,1602 billion won until the day before this month. Except for the 19th, 20th, and 25th, they all recorded net purchases.
Earlier, the KOSDAQ started with 1000 on July 1, 1996. The’IT Bubble’ soared to 2834.40 on March 10, 2000, at its peak, but the bubble collapsed and fell sharply. On September 15 of that year, it fell to 992.5 and was rather below the index launch point. The downturn continued afterwards. On October 27, 2008, when the global financial crisis hit, it fell to a record low of 261.19.
Since then, the constitution has been improved steadily. In 2009, a delisting delisting system was introduced to eliminate insolvent companies early, while comprehensive measures to revitalize the KOSDAQ including the KOSDAQ Venture Fund were promoted. As a result, on January 16, 2018, the closing price reached 901.23, breaking the 900 line. It has been about 16 years since it hit 927.30 on March 29, 2002.
It is predicted that the KOSDAQ, which entered the ‘1000 era’ after 20 years, can continue to rise for the time being. It is predicted that the’January effect’ that appeared in the KOSDAQ market will appear belatedly, leading to circulating small and medium-cap stocks. The January effect means that the stock market increase rate in January is relatively higher than in other months without any special favorable news. In the domestic stock market, the effect in January was mainly seen in the KOSDAQ market, which is mainly small and mid-cap stocks.
The atmosphere in which the additional extension of short selling is fueled is also good. Seong-cheol Lim, a researcher at Heungkuk Securities, said, “Amid strong demands for improving the system related to short selling, the government also believes that it is physically difficult to resume short selling in March.” The investment attractiveness has increased,” he explained.
Reporter Lee Min-woo [email protected]