KOSPI Slightly Down... KOSDAQ Plummets 2.7%

Struggling to Rebound... KOSDAQ Falls Below 800 Level

Photo by Getty Images Bank

[Asia Economy Reporter Minwoo Lee] South Korea's two major stock markets are faltering. The KOSPI index, which started with a slight rise, turned to a downward trend. The KOSDAQ fell about 2.7%, breaking below the 800 mark.

As of 1:46 PM on the 26th, the KOSPI recorded 2352.90, down 0.34% (7.91 points) from the previous session. It opened at 2366.50, up 0.24% (5.69 points) from the 23rd, but began to decline gradually right after the opening.

The selling pressure from foreigners and individuals is driving the index down. Foreigners sold a net 74.8 billion KRW, and individuals sold 11.3 billion KRW, while institutions bought a net 100.2 billion KRW.

Most sectors are in decline. The textile and apparel sector had the largest drop at 2.75%. This was followed by machinery (-2.14%), food and beverages (-2.00%), securities (-1.92%), and electricity and gas (-1.86%). On the other hand, the distribution sector rose 5.13%. Insurance (1.72%), transportation equipment (0.72%), and medical precision (0.51%) also increased.

Top market capitalization stocks are also struggling. Except for Celltrion (0.4%), Samsung Electronics (0.3%), and Hyundai Motor (0.3%), all stocks fell. Kakao had the largest decline at 3.3%, followed by LG Household & Health Care and LG Chem (each -1.8%), Samsung SDI (-1.5%), and NAVER (-1.4%).

At the same time, the KOSDAQ recorded 785.68, down 2.76% (22.32 points) from the previous session. It opened at 808.06, up 0.01% (0.08 points) from the previous trading day, then widened its losses.

Foreigners and institutions are strongly selling. They sold a net 35.6 billion KRW and 113.5 billion KRW, respectively. Meanwhile, individuals bought a net 160 billion KRW.

All sectors are falling. The technology growth companies sector had the largest drop at 4.22%. This was followed by pharmaceuticals (-3.81%), venture companies (-3.55%), other services (-3.54%), and broadcasting services (-3.47%), with many sectors falling more than 3%.

Almost all top market capitalization stocks are declining. Genexine fell as much as 7.2%. Seegene (-6.9%) and Alteogen (-6.7%) also dropped significantly. This was followed by CJ ENM (-4.6%), Kakao Games (-2.9%), and KMW (-2.4%). Only Celltrion Pharm (2.4%) and Celltrion Healthcare (0.1%) rose.