Early session 2% plunge... KOSPI back to the 3000 level

KOSDAQ Also Plunges Over 2%... Falls to the 960s

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[Asia Economy Reporter Minwoo Lee] The KOSPI plunged about 2% in the early session, falling back to the 3000 level.

On the 28th, the KOSPI opened at 3114.98, down 0.24% (7.58 points) from the previous day. Immediately after the opening, it dropped nearly 2%, falling to the 3050 level. As of 9:21 a.m., it recorded 3062.26, down 1.94% from the previous day.

Foreigners and institutions showed strong selling pressure. They net sold 157.5 billion KRW and 25.5 billion KRW respectively, while individuals net bought 187 billion KRW.

Almost all sectors were in decline. The retail sector had the largest drop at -2.57%. This was followed by securities (-2.41%), steel & metals (-2.34%), pharmaceuticals (-2.33%), and textiles & apparel (-2.07%). The paper & wood sector (7.01%) was the only one to rise.

Almost all of the top 10 market capitalization stocks fell. Samsung SDI had the largest drop at -3.3%. This was followed by SK Hynix (-3.1%), Samsung Biologics (-2.8%), Hyundai Motor (-2.4%), Samsung Electronics (-1.7%), LG Chem (-1.4%), and Kia Motors (-1.3%). Only NAVER rose by 1.4%.

The KOSDAQ also declined. It opened at 980.70, down 0.53% (5.22 points) from the previous day. Immediately after the opening, the decline widened, and as of 9:21 a.m., it had fallen 2.17% from the previous day to 964.55.

In the KOSDAQ market, individuals and institutions showed net selling. They sold 5.1 billion KRW and 51.9 billion KRW respectively. Meanwhile, foreigners net bought 65.5 billion KRW.

Most sectors in the KOSDAQ market also fell. The telecommunications services sector (-3.36%) fell the most. This was followed by semiconductors (-2.60%), general electrical & electronics (-2.58%), and machinery & equipment (-2.50%). Only the paper & wood (2.16%) and internet (1.51%) sectors rose.

All of the top 10 market capitalization stocks also declined. EcoPro BM had the largest drop at -4.0%. This was followed by SK Materials (-3.4%), Alteogen (-2.7%), CJ ENM (-2.2%), Kakao Games (-2.1%), and Seegene (-1.9%).