The Kospi extended its rally after the once-unthinkable “7,000” level became reality, briefly topping 7,400 during the session and setting another record. Gains eased late in the day as profit-taking emerged.
According to the Korea Exchange on May 6, the Kospi closed up 447.57 points, or 6.45%, at 7,384.56. It opened at 7,093.01, up 156.02 points, or 2.25%, from the previous session, touched the 7,400 level, then gave back part of its advance to finish in the 7,300 range.
Foreign investors drove the move, posting net purchases of 3.1346 trillion won, the largest on record. Retail investors and institutions were net sellers, unloading 572.4 billion won and 2.3126 trillion won, respectively, as they took profits.
Most heavyweight stocks rose. Samsung Electronics gained 15.27%, SK hynix 11.61%, SK Square 11.81%, Hyundai Motor 2.23%, LG Energy Solution 2.01%, Doosan Enerbility 0.24% and Samsung Electro-Mechanics 0.44%. Hanwha Aerospace fell 1.57%.
Lee Kyung-min, a researcher at Daishin Securities, said the surge in the top three stocks by market capitalization — Samsung Electronics, SK hynix and SK Square — led the index higher. But he noted the rally was concentrated in large caps: 195 issues rose, nine were unchanged and 691 fell, even as the Kospi jumped on a gap-up open.
The Kosdaq ended lower. It fell 3.57 points, or 0.29%, to 1,210.17 after opening up 7.16 points, or 0.59%, at 1,220.90. The index later turned negative and at one point slipped below 1,200.
On the Kosdaq, retail investors were net buyers of 610 billion won, while foreigners and institutions sold 63.3 billion won and 543.8 billion won, respectively.
Moves among Kosdaq heavyweights were mixed. EcoPro BM rose 6.73%, EcoPro 4.30%, Rainbow Robotics 3.07% and HLB 1.64%. Alteogen fell 2.41%, Samchundang Pharm 1.59%, Lino Industrial 3.89%, Kolon TissueGene 1.15%, ABL Bio 3.92% and LigaChem Bio 2.37%.
* This article has been translated by AI.
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