[Asia Economy Reporter Minji Lee] Following news that Hyundai Motor Group is not in talks regarding the 'Apple Car,' stocks related to automobile parts experienced a sharp decline. On the 8th, the KOSPI closed lower due to foreign selling pressure.
The KOSPI ended the day at 3,091.24, down 0.94% (29.39 points) from the previous session. The index opened at 3,113.63, down 0.22% (7.00 points) from the previous trading day, and maintained a weak trend throughout the session. Regarding investor trends, foreigners sold stocks worth 358.6 billion KRW alone, while individuals and institutions bought stocks worth 85.5 billion KRW and 279.9 billion KRW, respectively.
Within the KOSPI market, Hyundai Motor Group stocks and automobile parts stocks showed significant declines. Hyundai Motor fell 6%, Kia Motors (-15%), Hyundai Wia (-11%), Hyundai Glovis (-9%), and Hyundai Mobis (-8.65%) also declined. On this day, Hyundai Motor Group’s market capitalization appears to have evaporated by more than 10 trillion KRW following the news of the 'Apple Car' suspension. Among automobile parts stocks, Dongwon Metal (-17.44%), Hwashin (-16.26%), Samwon Steel (-14.37%), and Sejong Industrial (-10%) also plunged sharply.
Looking at the top market capitalization stocks, Samsung Electronics closed at 83,000 KRW, down 0.6% from the previous session. SK Hynix (-1.6%), LG Chem (-3.7%), NAVER (-1.38%), Samsung Biologics (-0.99%), and Samsung SDI (-0.65%) also declined.
The KOSDAQ index closed at 960.78, down 0.69% (6.64 points) from the previous session. It opened at 966.94, down 0.05% (0.48 points) from the previous day, continuing its weak trend. Regarding investor trends, individuals bought stocks worth 70.9 billion KRW, while foreigners and institutions sold stocks worth 3.8 billion KRW and 37 billion KRW, respectively.
Among the top market capitalization stocks, Celltrion Healthcare (-1.68%), Celltrion Pharm (-1.72%), Pearl Abyss (-1.74%), HL Biopharma (-0.33%), and Alteogen (-1.75%) also declined.
Lee Kyung-min, a researcher at Daishin Securities, said, “Due to the Apple Car issue, secondary battery and electric vehicle-related stocks have plunged, leading to a weak atmosphere spreading across growth stocks in general. Meanwhile, financial stocks, domestic consumption stocks, and China consumption-related stocks have shown clear rebounds, and the market weakness centered on leading stocks has triggered a rebound in overlooked stocks.”
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