2024-03-30 09:43:57
Foreign net purchases reach a record high of KRW 15 trillion
Individual net selling is also at a record high
The KOSPI closing price is displayed in the dealing room of Hana Bank’s main branch in Jung-gu, Seoul on the afternoon of the 29th. [연합뉴스]
Despite the ‘Corporate Value Up Program’ and the rise of KOSPI leaders Samsung Electronics and SK Hynix, the KOSPI growth rate this year was at the bottom among major countries excluding China and India.
Although foreigners continued to ‘Buy Korea’ and made the largest net purchase in history, the net selling volume of individuals who poured out profit-taking volume also reached the highest level in history, suppressing the upward momentum of KOSPI.
According to Maeil Business Newspaper’s coverage on the 29th, foreigners net purchased a total of 15.7676 trillion won in the first quarter of this year, setting the highest net purchasing record in 15 years. The previous record was in the third quarter of 2009, when the quantitative easing policy was implemented in earnest, and at that time, foreigners net purchased 15.2726 trillion won.
On the contrary, ants who went on a selling streak sold net 11.6049 trillion won. The record for the largest quarterly net sale (KRW 11.4765 trillion) set in the previous quarter was again broken.
In the first quarter of this year, KOSPI rose 3.4% while Nikkei 225 rose 20%, Taiwan Stock Exchange and Euro Stocks 50 rose 12.4%. The S&P 500, which drew attention to the rise in the U.S. stock market as it continued to set record highs this year, also rose 10.8%. Nasdaq rose 9.11%. In the Greater China region, the Shanghai Composite received a poor report card of 1.2% and the Hang Seng -2.97%, leading to some analysis that KOSPI, which has a high correlation with the Chinese stock market, performed relatively poorly.
KOSPI has risen 16.6% in two months since November of last year as expectations for improvement in the semiconductor industry have increased. However, when Samsung Electronics’ preliminary results for the fourth quarter of last year came out in early January, the increase was given back. In February, foreign funds came in large amounts due to expectations of the ‘Corporate Value Up Program’, but individuals began selling in large quantities due to distrust in the Korean stock market. The corporate value-up program announced at the end of February did not satisfy the heightened expectations of individual investors, so individual selling in the Korean stock market continued.
Park So-yeon, a researcher at Shinyoung Securities, said, “The KOSPI also rose 13% compared to the January low, but compared to the United States and Japan, which continued to rise without adjustment, the decline was large due to supply and demand issues at the beginning of the year, showing a low quarterly increase.” Researcher Park said, “However, momentum remains as additional details of the value-up program will be announced in May and related exchange-traded funds (ETFs) will also be announced early.”
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