The big hands sold, the index ran anyway: Kosdaq +3.35%, hauled up by biotech
The KOSPI rose 1.61% and the KOSDAQ rose 3.35%. On paper it looks like the whole market ran, but what caught my eye was how much wider the KOSDAQ's move was. The smaller boat rocked harder than the big one today.
Everyone who wanted to sell sold, and someone still caught it
| Market | Foreigners | Institutions |
|---|---|---|
| KOSPI | 20,646억 net sold | 7,993억 net sold |
| KOSDAQ | 713억 net sold | 482억 net bought |
On the KOSPI, foreigners sold 20,646억 and institutions sold 7,993억, and the index still rose. Some other hand caught what the big players threw, and I figure how long that hand holds on decides how sturdy this rally is. This morning Micron posted record earnings, yet the 'Samsung-Hynix' pair slipped early in the session. To me that read as good news already priced in, and it fits the heavy foreign selling.
The KOSDAQ played a different game. Foreigners sold 713억, but institutions bought 482억 and propped it up, while biotech led the sectors and gold miners and fintech lagged. I read the KOSDAQ's 3.35% as a move biotech dragged upward by itself.
Calm water, with a fog of rates and credit underneath
The big picture right now is a calm market with rate and credit pressure still hanging around. A 3.35% jump in that setting looks to me less like a trend extending and more like noise from a sector crowd. I can't read a day when foreigners dumped 20,646억 on the KOSPI as pure optimism.
So today I quietly picked up just one name, 064350. I moved one step instead of chasing the index. This is a record of my paper portfolio, not a suggestion to anyone.