KOSPI Continues Decline Amid Foreign and Individual Selling Pressure

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] The KOSPI continues its downward trend amid simultaneous selling by foreigners and individual investors.

As of 2:17 PM on the 8th, the KOSPI stood at 3102.63, down 0.58% (18 points) from the previous trading day. The KOSPI maintained a weak trend after the market opened but turned slightly upward in the afternoon, rising to 3128.54.

Sangyoung Seo, a researcher at Kiwoom Securities, said, "With the number of new COVID-19 cases in China ahead of the Lunar New Year holiday limited to 14, Chinese consumer-related stocks showed strength, leading to an intraday rise. However, the automobile sector plunged amid the Apple Car controversy, causing a decline, and as the semiconductor sector underperformed in the U.S. stock market, related domestic companies also showed weakness, widening the losses."

Currently, in the KOSPI market, institutions alone purchased stocks worth 323.8 billion KRW. Foreigners and institutions sold stocks worth 242.3 billion KRW and 73.7 billion KRW, respectively.

Most of the top market capitalization stocks are showing a downward trend. Samsung Electronics traded at 83,500 KRW, unchanged from the previous day. SK Hynix (-1.57%), LG Chem (-3.21%), NAVER (-0.83%), Samsung SDI (-0.39%), and Hyundai Motor (-4.81%) also declined. Kakao was the only stock to rise, up 0.44% to 457,000 KRW.

On this day, the Hyundai Motor Group announced that there are no ongoing discussions with Apple regarding Apple Car production, leading to a decline in most automobile parts stocks. In the stock market, Dongwon Metal (-17.8%), Hwashin (-14.11%), Kia Motors (-13.6%), Samwon Steel (-12.55%), Hyundai Wia (-10.68%), and Hyundai Glovis (-8.82%) all fell sharply.

The KOSDAQ index at the same time stood at 962.70, down 0.49% (4.72 points) from the previous trading day. In the KOSDAQ market, individuals alone purchased stocks worth 108.5 billion KRW. Foreigners and institutions sold stocks worth 28 billion KRW and 51.5 billion KRW, respectively.

Among the top market capitalization stocks in the KOSDAQ index, only Seegene (1.12%) and Kakao Games (5.92%) showed gains. Celltrion Healthcare (-0.94%), Celltrion Pharm (-1.27%), Pearl Abyss (-1.97%), Alteogen (-1.05%), and EcoPro BM (-0.85%) declined.