Opening Flip: Kospi & Kosdaq Both Climb, But Foreigners Keep Selling

Right out of the gate today Kospi's sitting at 6,742.74, up 0.68%, and Kosdaq jumped even harder to 827.15, up 1.70%. Funny thing is Kospi actually opened down 0.23%, then flipped hard once word came through that Wall Street closed higher overnight on falling oil and rates (S&P500 +0.32%, Nasdaq +0.66%). Still, I'm not calling this all sunshine — foreigners are dumping trillions of won worth of Kospi while institutions soak it up, and on Kosdaq the foreign selling pressure actually got heavier since my last check even as the index ran higher. The won firmed up a touch past 1,380 and the dollar's soft too, so rates and credit conditions overall read pretty calm. I'm just sitting with the paper P/L on Orion, Microsoft, Nvidia and Freeport-McMoRan for now, and through the close I'll be watching whether that foreign selling keeps piling up or institutions keep holding the line.