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Biz News Korea(Eng)
KOSDAQ extends gain on retail investors seeking quick returns
- Collected
- 2016.07.21
- Distributed
- 2016.07.22
- Source
- Go Direct
The tech-heavy Kosdaq gained 2.62 percentage points or 0.37 percent to close at 705.06 on Wednesday, hovering above the 700 mark for the sixth straight day since it had recovered the mark for the first time in a month on July 13.
The daily stock trading volume on the Kosdaq surpassed that on the main board Kospi for five consecutive sessions. The market capitalization of the Kosdaq hit a record high of 215 trillion won ($188 billion) on July 14.
The recent bullish run on the Kosdaq is mainly driven by retail investors who bought a net 315.6 billion won worth of Kosdaq-listed shares for the past seven days from July 12 to July 20, according to market data provider FnGuide. Over the same period, institutional investors sold a net 249.8 billion won worth shares and foreign investors net purchased 31.6 billion won in shares listed on the secondary board.
As the market accelerated, the outstanding amount of borrowings for stock trading soared for 14 consecutive sessions, up 7.6 percent from 6.7887 trillion won on June 30 to 7.3045 trillion won on July 19, according to the Korea Financial Investment Association.
By Yong Hwan-jin
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