Foreigners and institutions still selling... KOSPI falls below 3000 again

KOSDAQ Maintains 950 Level

On the 24th, employees are working at the Myeongdong Hana Bank headquarters in Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] On the 24th, the KOSPI, which briefly recovered above the 3000 mark during the trading session, fell back below 3000.

As of 1:49 PM that day, the KOSPI recorded 2991.47, down 0.44% (13.27 points) from the previous day. After opening slightly lower at 2996.32, it briefly recovered above 3000 in the morning but soon turned downward.

Foreigners and institutions showed notable selling pressure, with net sales of 443.8 billion KRW and 265.2 billion KRW respectively. Meanwhile, individuals were net buyers with 704.5 billion KRW.

Many sectors declined. The largest drops were in steel & metals (-1.79%), transportation equipment (-1.42%), and textiles & apparel (-1.20%). Non-metallic minerals (1.89%) and medical precision instruments (1.06%) rose.

The top 10 market capitalization stocks also showed weakness. Hyundai Motor (-2.8%), Kia (-2.0%), SK Hynix (-1.8%), Samsung Electronics (-0.8%), NAVER (-0.6%), and Kakao (-0.3%) fell in that order. Celltrion (2.2%), LG Chem (1.2%), Samsung SDI (1.1%), and Samsung Biologics (0.1%) rose.

On the other hand, the KOSDAQ index rose 0.65% (6.15 points) to 952.46 compared to the previous day. It started slightly lower at 946.23, dropped to 939.19, but then reversed to an upward trend, maintaining above 950.

Contrary to the KOSPI market, foreigners and institutions were strong buyers. Foreigners net purchased 74.1 billion KRW, institutions 30 billion KRW, while individuals sold 79.8 billion KRW.

Most sectors rose. The non-metallic sector had the largest gain at 3.06%, followed by publishing & media reproduction (1.72%), distribution (1.57%), semiconductors (1.52%), entertainment & culture (1.34%), and telecommunications equipment (1.11%). Transportation equipment & parts (-0.48%), broadcasting services (-0.44%), and chemicals (-0.42%) declined.

Among the top 10 market cap stocks, many sectors rose. Celltrion Healthcare led with a 2.1% increase, followed by Pearl Abyss (2.8%), Celltrion Pharm (1.1%), EcoPro BM (0.7%), SK Materials (0.3%), and Kakao Games (0.1%). Alteogen (-2.1%), Studio Dragon (-0.6%), CJ ENM (-0.5%), and Seegene (-0.1%) fell.