Data released by the Korea Exchange on July 23 showed that foreign investors were net buyers of 2.6211 trillion won in South Korea’s main board market the previous day, marking the strongest daily net inflow in nearly two months. The buying helped lift the KOSPI back above the 7,000 level intraday for the first time in four trading sessions and triggered the market’s 20th temporary halt to program trading this year.
The rally did not fully hold into the close. Profit-taking by institutions and retail investors in the afternoon erased much of the index’s gains, leaving the KOSPI up 0.74% at 6,797.70. Mirae Asset Securities researcher Kim Seok-hwan said the upside narrowed because retail and financial institutions sold heavyweight semiconductor shares to lock in profits, even as foreign investors continued large net purchases. On the day, retail investors and institutions posted net sales of 1.2177 trillion won and 1.3961 trillion won, respectively.
Data released by the Korea Exchange on July 23 showed that foreign investors were net buyers of 2.6211 trillion won in South Korea’s main board market the previous day, the highest level in nearly two months.
Foreign buying pushed the KOSPI back above the 7,000 mark intraday for the first time in four trading sessions. The move also triggered the market’s 20th temporary halt to program trading this year. But in afternoon trading, institutions and retail investors took profits, and the index gave back most of its gains before closing up 0.74% at 6,797.70.
Kim Seok-hwan, a researcher at Mirae Asset Securities, said that despite heavy foreign net buying, concentrated selling in heavyweight semiconductor stocks by retail investors and financial institutions to lock in profits sharply narrowed the index’s gains. On the day, retail investors and institutional investors were net sellers of 1.2177 trillion won and 1.3961 trillion won, respectively.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
