[Asia Economy Reporter Ji Yeon-jin] The domestic stock market maintained a flat trend on the 18th as individual investors continued net buying while institutions and foreigners engaged in a selling battle. Although individual buying persisted, the selling pressure from foreigners and institutions continued for the second day due to concerns over rising long-term U.S. interest rates.
As of 10:30 a.m., the KOSPI was trading at 3,128.62, down 5.11 points (0.16%) from the previous day. The KOSPI opened at 3,131.74, down 1.99 points (0.15%) from the previous day, but after an early rebound, it fluctuated around the 3,130 level. Foreigners sold a net 109 billion KRW, and institutions sold 97.2 billion KRW. Individuals bought 206.4 billion KRW, defending the index.
Among the top market capitalization stocks, SK Hynix fell the most, down 1.92%, and LG Chem also dropped 1.15%. Samsung Electronics declined by only 0.36% due to individual net buying. Naver rose 0.13%, while Kakao fell 0.59%, marking a second consecutive day of decline. Samsung Biologics and Celltrion showed slight gains.
At the same time, the KOSDAQ was at 979.20, down 0.57 points (0.06%) from the previous day. Individuals were net buyers of about 114.1 billion KRW, while foreigners and institutions sold 60 billion KRW and 38.4 billion KRW, respectively.
Celltrion Healthcare and Celltrion Pharm rose 0.71% and 0.30%, respectively, and Seegene also increased by 3.15%. HL Biotech fell sharply by 3.2%, and most of the other top 10 KOSDAQ stocks by market cap were on a downward trend. Kakao Games continued to fluctuate around 54,700 KRW.
However, shares of electronic payment-related companies surged together on the day due to news of Coupang, the country's largest e-commerce company, listing in the U.S. and the sharp rise in Bitcoin. Danal, Galaxia Moneytree, and SBI FinTech Solutions all hit their daily price limits. With recent indicators showing a U.S. economic recovery, concerns about interest rate hikes and inflation leading to liquidity tightening have caused a wait-and-see stance, concentrating investment funds on issues likely to move the domestic stock market.
Lee Jae-man, head of investment strategy at Hana Financial Investment, said, "There is no momentum to move the stock market as there is no change in growth-driven stocks," adding, "Typically, the market moves significantly at inflection points, but with low trading volume, it is showing a sideways trend."
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