KOSPI Surges to 2700 Level for the First Time in 23 Months: Banking and Semiconductor Stocks Lead the Way

Dealers work in the Hana Bank dealing room in Jung-gu, Seoul on the 13th. On this day, the KOSPI was at 2694.71, up 12.90 points (0.48%) from the previous trading day (2681.81), the KOSDAQ index was at 892.41, up 2.70 points (0.30%) from the previous trading day ( 889.71), and the won-dollar exchange rate in the Seoul foreign exchange market was the previous trading day (It started at 1,312.4 won, up 1.4 won from 1,311 won./Newsis

KOSPI recovered to 2700 level after 23 months. This can be interpreted as the effect of the government’s ‘Corporate Value Up Programme’, which has led to an influx of purchasing power into undervalued stocks.

At around 9:34 am on the 13th, KOSPI rose almost 0.7% compared to the previous day, reaching 2701. This is the first time in 23 months that KOSPI has exceeded the 2700 level since April 22, 2022 (2704.71). The combined purchasing power of foreigners and institutions led to an increase in the index. Foreigners buy a net of 5.7 billion won, and institutions buy a net of about 23.3 billion won.

In particular, banking stocks, a representative industry that is undervalued, are increasing significantly. KB Financial Group rose 6.4%, breaking its all-time high in one day, and the four major financial stocks, including Hana Financial Group (3.8%), Shinhan Financial Group (3.4%), and Woori Financial Group (2.1% ), are all strong.

Most large cap stocks at the top of the market capitalization are also on the rise. Domestic semiconductor stocks are also feeling warm thanks to the 7% rise of AI (artificial intelligence) semiconductor company Nvidia last night. SK Hynix is ​​up 0.5% and Samsung Electronics is up around 1.1%.

In addition, LG Energy Solution 0.4%, Hyundai Motor Company 0.4%, POSCO Holdings 0.4%, and LG Chemical 4.3% are also rising.

Meanwhile, KOSPI, which rose sharply at the start of the market, has given back some of the gains and is hovering at the 2690 level as of 10 am.

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