KOSPI Ends Slightly Lower at '3170 Level'... "Market to Take a Breather for a While"

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] The KOSPI closed slightly higher, supported by solo net buying from individual investors.

According to the Korea Exchange on the 22nd, the KOSPI closed at 3,177.52, up 0.18% (5.86 points) from the previous trading day. The index opened at 3,174.52, up 0.09% (2.86 points) from the previous day. At one point in the morning, it rose to the 3,190 level, raising expectations of reaching the previous high recorded on the 20th, but the gains narrowed and it eventually closed flat.

By investor type, individuals were the sole net buyers with 349.3 billion KRW. Foreigners and institutions sold stocks worth 148.6 billion KRW and 235.5 billion KRW, respectively.

Among the top 10 companies by market capitalization, LG Chem (0.81%), SK Hynix (0.38%), and Hyundai Motor (0.22%) rose. On the other hand, Samsung Electronics (-0.24%), Samsung Biologics (-3.36%), Kakao (-0.42%), and Celltrion (-0.86%) declined.

The KOSDAQ also rose slightly. The index closed at 1,025.71, up 0.34% (3.49 points) from the previous day. It opened at 1,023.65, up 1.43 points (0.14%), and ended the day with a slight increase.

By investor type, foreigners and institutions bought stocks worth 22 billion KRW and 32.1 billion KRW, respectively. Individuals sold stocks worth 41.6 billion KRW.

Among the top market capitalization stocks, there were mixed movements. Alteogen (4.35%) and EcoPro BM (1.60%) rose. Meanwhile, Seegene (-6.52%), Pearl Abyss (-3.13%), Celltrion Pharm (-0.94%), and Celltrion Healthcare (-0.96%) fell.

Lee Jin-woo, head of investment strategy at Meritz Securities, explained, "Currently, the overall market momentum is not strong. Although corporate earnings are coming out well, a significant portion has already been priced into the stock prices."

He added, "The market direction is heading upwards, but the pace is expected to slow compared to the past, continuing a period of consolidation."