SEOUL, January 26 (AJP) - Korea’s secondary KOSDAQ stole the spotlight Monday, surging more than 7 percent as most Asian equities retreated, in a striking display of risk appetite concentrated in higher-beta names.
The tech-heavy index jumped 7.09 percent — its biggest daily gain in more than two years — to close at 1,064.4 and return to 1,000-mark in four years.
The sharp advance triggered a temporary trading halt under the sidecar mechanism at 9:59 a.m., as program buying accelerated early in the session.
Institutions led the charge, snapping up a net 2.6 trillion won worth of shares, while foreign investors added 431.4 billion won. Retail investors were net sellers of 2.91 trillion won, underscoring a rapid rotation of capital out of large-cap defensives and into growth-oriented names.
In contrast, the main KOSPI fell 0.8 percent, or 40.5 points, to 4,949.6. The benchmark briefly touched an intraday record high of 5,023.8 before selling pressure intensified in the afternoon, dragging the index below its session low. The pullback followed a short-lived rally that had carried the market higher over the previous week.
The KOSPI 200 slid 1.0 percent to 720.04, weighed down by heavy losses in automakers and semiconductor stocks. On the main board, foreign investors sold 158.7 billion won ($110 million), while institutions offloaded 1.54 trillion won. Retail investors absorbed the selling, buying 1.72 trillion won.
Currency markets added another layer of volatility. The dollar fell sharply against the won, sliding 14.1 won to 1,441.2, tracking gains in the Japanese yen amid reports that Washington is increasingly tolerant of stronger currencies among key East Asian allies, including South Korea, Japan and Taiwan.
Sector performance reflected the risk-on tilt. Non-ferrous metal stocks led gains, rising 11.9 percent. Korea Zinc surged 14.4 percent to 1,807,000 won on rising global silver prices and expectations of stronger earnings, while Sam-A Aluminum climbed 12.8 percent and Hyundai BNG Steel advanced 11.0 percent.
Battery and platform stocks also posted strong gains. EcoPro soared 23.0 percent to 130,200 won, while Naver rose 2.4 percent to 272,500 won. Samsung SDI added 3.8 percent to 387,000 won.
By contrast, logistics and transport-related shares lagged, with the sector falling 3.2 percent. CJ Logistics dropped 3.5 percent, and Hyundai Glovis slipped 3.4 percent. Among large-cap losers, Hyundai Motor fell 3.4 percent, while SK hynix declined 4.0 percent.
Elsewhere in the region, markets were broadly weaker. Japan’s Nikkei 225 slid 1.8 percent, while China’s Shanghai Composite edged down 0.09 percent, reinforcing the contrast between Korea’s speculative surge and a cautious regional backdrop.
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