[Asia Economy Reporter Oh Ju-yeon] On the 27th, following the news that the Bank of Korea's Monetary Policy Committee decided to keep the base interest rate at the current 1.25% per annum, the KOSPI fell to the 2050 level during the session. This is the first time since December 5 of last year that the KOSPI dropped below the 2060 level intraday.
As of 10:42 a.m. that day, the KOSPI recorded 2058.39, down 0.89% compared to the previous trading day. Although it rose to 2085.40 shortly after the market opened, it turned downward after the interest rate freeze news was announced.
Despite high market expectations for an interest rate cut announcement due to concerns over domestic economic slowdown caused by the spread of the novel coronavirus infection (COVID-19), the Monetary Policy Committee expressed a cautious stance to observe the situation for now.
All of the top 10 stocks by market capitalization declined. Samsung Electronics plunged 1.59% to 55,600 KRW compared to the previous trading day, and SK Hynix also dropped sharply to 93,100 KRW.
Samsung Biologics (-0.94%), NAVER (-2.14%), LG Chem (-0.76%), Hyundai Motor (-0.41%), Celltrion (-0.29%), and Samsung SDI (-0.64%) all fell.
By investor type, foreigners and institutions sold off 220.1 billion KRW and 110.3 billion KRW worth of stocks respectively, while individuals bought up 313.3 billion KRW worth.
The KOSDAQ index recorded 647.32, down 1.12% from the previous trading day. Individuals were net buyers with 157.6 billion KRW, but foreigners and institutions were net sellers with 117.8 billion KRW and 40.4 billion KRW respectively.
Among the top market capitalization stocks, Celltrion Healthcare (-2.49%), HL Biopharma (-0.22%), and KMH (-4.41%) declined, while CJ ENM (1.73%), Pearl Abyss (0.33%), and Studio Dragon (0.51%) rose.
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