[07/23] Foreign Investors Net Buy 2.6T KRW in KOSPI, But Net Sell Futures

On the previous trading day of July 22, KOSPI closed at 6,797.70, up 0.74% from the previous day. KOSDAQ closed at 751.09, down 0.30%, showing relative strength focused on large-cap stocks. KOSPI trading volume reached approximately 28.6 trillion KRW, while KOSDAQ recorded approximately 5.4 trillion KRW. The divergence in supply and demand across markets serves as the key signal of the day rather than the index rebound itself.

In KOSPI spot market, foreign investors net bought 2.62 trillion KRW, while institutional investors net sold 1.40 trillion KRW and retail investors net sold 1.22 trillion KRW. Conversely, KOSDAQ saw foreign net selling of 81.5 billion KRW, institutional net selling of 191.4 billion KRW, and retail net buying of 263.6 billion KRW. Foreign buying in KOSPI spot marks three consecutive trading days of net purchases since July 20, whereas institutional investors turned back to net selling from the previous day's net buying.

In K200 futures, foreign investors net sold 248 contracts and institutional investors net sold 709 contracts. As spot foreign buying and futures selling diverged, confirming synchronization between spot and futures flows is more critical today than predicting the continuation of the rebound. US index futures were mixed in the morning: ES -0.06%, NQ -0.52%, YM +0.05%.

As of July 22, the 3-year Treasury bond yield stood at 3.913%, the 10-year yield at 4.394%, and the term spread at 48.1 bps. The credit spread between AA- 3-year corporate bonds and 3-year Treasuries was 69.1 bps, while the BBB- spread recorded 649.1 bps, reflecting a substantial risk premium gap between high-grade and low-grade corporate debt.