Home / Business and Economy / Oil Dips, Stocks Soar: Institutions Drive Market Rally
Oil Dips, Stocks Soar: Institutions Drive Market Rally
18 Mar
Summary
- KOSPI index surged over 2.79% to 5,704.66 points.
- Institutional investors fueled the market rise with significant net purchases.
- Semiconductor stocks like Samsung Electronics saw substantial gains.
The KOSPI index reached 5,704.66 points on March 17th, marking a 2.79% increase, as institutional investors demonstrated strong buying activity. Pension funds and investment trusts collectively purchased billions of Korean won, absorbing shares sold by individual investors. This institutional support, coupled with a shift to net buying by foreign investors, propelled the market upwards.
Investor sentiment was bolstered by expectations of continued passage through the Strait of Hormuz, with Iranian officials indicating it remains open to most nations. This development occurred as international oil prices experienced a downward trend. The semiconductor sector was a key driver of the KOSPI's ascent, with Samsung Electronics surging over 4% following news of its involvement in producing NVIDIA's new AI chip.
Other semiconductor stocks such as SK Hynix and Hanmi Semiconductor also posted strong gains. The KOSDAQ index also traded higher, with institutional and individual buying contributing to its rise. Top market capitalization stocks in the KOSDAQ, including LigaChem Biosciences, also showed significant upward movement.
