The KOSPI Index faded an early rally today, opening up at 2,598.06, and briefly breaching 2,600 before fading into the close. The close at 2,573.64 reflected a mild 0.04% drop on the day, with selling accelerating as the day progressed.
Looking at the chart on the hourly candles, and the close effectively fills the gap formed by this morning’s rise, a move technical analysts usually look to see eventually. This could eventually act as a positive, with the gap closed, the market can potentially look upwards after what has been a strong start to the year (+7.28%). There remains an upside gap around 2,614 from late February.
Among the key names on the index, Samsung Electronics saw a slight fall of 0.36%, while SK Hynix gained into the close to end the day up 0.4%. LG Energy Solution closed down 2.30%, moving negative on a year-to-date basis as the stock continues to underperform the broader South Korean market.
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With the KOSPI spending plenty of time in the 2,500 to 2,600 range over the past year, a full breakout to the upside will take broader participation amongst leading index names than we have seen today. Recent tests outside the range have broken down, but indications are that further tests will not be too far away.
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