KOSPI Retreats from 2530 Level Amid Institutional Selling

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] The KOSPI, which was expected to hit an all-time high, failed to maintain its recent momentum due to profit-taking sales by institutional investors and closed slightly lower. The KOSDAQ index also ended the day slightly down at the 830 level, dragged down by net selling from both foreign and institutional investors.

On the 17th, the KOSPI started higher but showed mixed trends during the morning session, unable to sustain its recent strength. It turned upward around noon, raising expectations again, but fell in the latter part of the session to close slightly lower. The KOSPI closed at 2,539.15, down 3.88 points (0.15%) from the previous day.

Looking at trading trends by participant, institutional investors led the decline with net sales of 512.2 billion KRW. In contrast, foreign and individual investors were net buyers, purchasing 352 billion KRW and 153.1 billion KRW respectively.

By sector, electric and gas utilities (1.68%), chemicals (0.80%), and textiles and apparel (0.60%) rose, while transportation and warehousing (-3.95%), medical precision (-1.66%), and securities (-0.71%) declined.

Among the top market capitalization stocks, Samsung Biologics (2.11%), Hyundai Motor (1.96%), Samsung SDI (1.65%), and LG Chem (1.33%) rose, whereas Kia Motors (-2.01%), LG Household & Health Care (-1.28%), NAVER (-1.08%), and Hyundai Mobis (-1.02%) fell.

In the KOSPI market, 318 stocks rose, including one that hit the upper price limit, while 524 stocks fell with no stocks hitting the lower price limit. Sixty-four stocks remained unchanged.

The KOSDAQ index also closed lower, retreating to the 830 level. The index started the day down and maintained a downward trend throughout the session. The KOSDAQ index, which at one point in the morning session fell more than 1%, narrowed its losses somewhat in the afternoon to close at 839.47, down 7.86 points (0.93%) from the previous trading day.

By participant, institutional and foreign investors sold a net 145 billion KRW and 132.7 billion KRW respectively, pulling the index down. Individual investors were net buyers with purchases totaling 331.7 billion KRW.

By sector, construction (1.42%), other manufacturing (1.33%), and metals (0.20%) rose, while transportation (-4.04%), pharmaceuticals (-2.34%), and computer services (-2.13%) declined.

Among the top market capitalization stocks, Alteogen (2.75%), Celltrion Pharm (2.13%), Pearl Abyss (1.88%), and EcoPro BM (1.12%) rose. On the other hand, Seegene (-10.41%) showed a double-digit decline, while Hugel (-2.32%), SK Materials (-2.13%), and Studio Dragon (-1.36%) also fell.

In the KOSDAQ market, 382 stocks rose, including one that hit the upper price limit, while 906 stocks fell with no stocks hitting the lower price limit. Eighty-five stocks remained unchanged.