[Asia Economy Reporter Oh Ju-yeon] The KOSPI, which had plummeted due to the novel coronavirus infection (COVID-19), has jumped up to the 1800 level. The KOSPI index, which closed at the 1820 level on the 7th, is already close to the first technical rebound target, but on the 8th, it started with a 0.4% decline and widened the drop to 1% during the session. Some analysts suggest that it is necessary to keep open the possibility of a short-term breathing phase.
According to the Korea Exchange on that day, as of 9:30 a.m., the KOSPI recorded 1804.65, down 1.04% from the previous trading day. After opening at 1815.75, the decline has been increasing.
Among the top market capitalization stocks, most stocks such as Samsung Electronics (-1.11%), SK Hynix (-0.70%), Samsung Biologics (-0.73%), Hyundai Motor (-1.33%), and LG Household & Health Care (-1.88%) fell, while LG Chem (1.13%) and Samsung SDI (2.24%) rose.
By investor type, individuals net bought 138.7 billion KRW worth of stocks in the KOSPI market, while foreigners and institutions net sold 14.2 billion KRW and 124.9 billion KRW worth, respectively.
The KOSDAQ index recorded 601.96, down 0.81% from the previous trading day. In the KOSDAQ market as well, individuals bought 77.8 billion KRW worth, while foreigners and institutions net sold 33.7 billion KRW and 21.0 billion KRW worth, respectively.
Among the top market capitalization stocks, most such as Celltrion Healthcare (-1.94%), HL Biopharma (-0.50%), and Pearl Abyss (-1.00%) declined, but KMV (1.54%) rose.
Lee Kyung-min, a researcher at Daishin Securities, said, "KOSPI 1850 is the 50% retracement level of the decline from this year's high," adding, "As the first technical rebound target, it is necessary to keep open the possibility that a short-term breathing and overheating relief phase may unfold at this index level."
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