KOSPI Falls Over 2%... Drops to 3070 Level

All Top 10 Large-Cap Stocks by Market Cap Decline... Hyundai Mobis Down 7.5%

On the 12th, when the KOSPI started lower, dealers were working in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI fell more than 2%, dropping to the 3070 level. This appears to be due to profit-taking selling following the steep rise so far.

As of 1:29 PM on the 12th, the KOSPI recorded 3071.71, down 2.44% (76.74 points) from the previous day. It started at 3145.87 and is continuing to widen its decline.

Despite the index decline, individual investors continued buying, net purchasing 200 billion KRW. On the other hand, foreigners and institutions net sold 548.4 billion KRW and 1.4294 trillion KRW, respectively.

Almost all sectors are falling. The securities (-4.68%) and transportation equipment (-4.46%) sectors were particularly notable. They were followed by electrical and electronics (-3.49%), services (-3.12%), manufacturing (-3.10%), and chemicals (-3.02%). Only paper and wood (2.33%), medical precision (0.47%), and textiles and apparel (0.10%) rose.

All of the top 10 market capitalization stocks are declining. Hyundai Mobis had the largest drop at -7.5%. Next were Hyundai Motor (-5.4%), SK Hynix (-5.2%), LG Chem (-5.1%), NAVER (-4.8%), Samsung Biologics (-4.6%), Kakao (-3.9%), Samsung SDI (-3.1%), Samsung Electronics (-3.0%), and Celltrion (-0.2%).

The KOSDAQ is also on a downward trend. At the same time, it recorded 964.95, down 1.20 (11.68 points) from the previous day. After reaching 995.22 on the 8th, close to the 1000 mark, it has been declining for three consecutive trading days.

In the KOSDAQ market as well, only individual investors showed net buying. They purchased a total of 269.9 billion KRW, while foreigners and institutions net sold 125.8 billion KRW and 123.3 billion KRW, respectively.

Most sectors are also declining. Telecommunications equipment (-2.57%), distribution (-2.56%), general electrical and electronics (-2.54%), and IT components (-2.52%) were among the declines. In contrast, transportation (1.07%) and broadcasting services (0.94%) rose.

Most of the top market capitalization stocks are also declining. SK Materials had the largest drop at -5.3%. They were followed by EcoPro BM (-4.9%), Celltrion Healthcare (-3.4%), Celltrion Pharm (-2.7%), Alteogen (-1.5%), and Kakao Games (-1.0%). CJ ENM (2.1%), Seegene (0.7%), and Pearl Abyss (0.5%) rose.