KOSPI Retreats to 2240 Level Ahead of Lunar New Year Holiday... KOSDAQ Also Declines Together

[Asia Economy Reporter Oh Ju-yeon] The domestic stock market closed lower as profit-taking emerged ahead of the Lunar New Year holiday.

On the 23rd, the KOSPI closed at 2246.13, down 0.93% from the previous trading day. Sang-young Seo, a researcher at Kiwoom Securities, explained, "The news of Wuhan pneumonia cases in China acted as a negative factor as it could cause a slowdown in China's domestic demand, and the upcoming Lunar New Year also had an impact. These changes contributed to the further decline of the Korean stock market."

Researcher Seo said, "The key point to watch during the holiday is whether the Wuhan pneumonia issue spreads."

On the day, foreigners and institutions sold net amounts worth 140.9 billion KRW and 476.7 billion KRW respectively in the KOSPI market, while individuals bought net amounts worth 581.4 billion KRW.

Among the top market capitalization stocks, Samsung Electronics and SK Hynix fell by 2.41% and 2.28% respectively, whereas Samsung Biologics rose by 6.86% and Hyundai Motor increased by 2.76%.

The KOSDAQ index closed at 685.57, down 0.39% from the previous trading day. Individuals bought net amounts worth 177.6 billion KRW, while foreigners and institutions sold net amounts worth 61.8 billion KRW and 112.7 billion KRW respectively.

Among the top market capitalization stocks, HL Biopharma (-2.10%), CJ ENM (-1.82%), KMH (-0.66%), and Hugel (-0.88%) declined, while Pearl Abyss (5.46%) and Studio Dragon (0.12%) rose.