"'Down to 70,000 Won Electronics' Samsung Electronics Weakens... Foreigners Sell Off 2 Trillion Won Bomb, KOSPI Drops 2%"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] The domestic stock market is expanding its losses as it fails to rebound due to a selling bomb by foreigners. Samsung Electronics, the top company by market capitalization in Korea, is unable to show any strength, falling below 80,000 won.

As of 1:35 PM on the 12th, the KOSPI is at 3,142.09, down 2.10% from the previous day. Following yesterday, foreigners have been offloading large amounts of stocks for two consecutive days. Foreigners are currently net selling about 2.0956 trillion won. Institutions also have a selling bias with 297.4 billion won, while individuals are the only ones net buying with 2.4206 trillion won.

By sector, securities, construction, banking, steel and metals, and chemicals are all down by 3-4%. These are the economically sensitive stocks that had recently shown an upward trend.

Among the top 10 companies by market capitalization, all except Samsung Biologics are down about 1-2%. In particular, Samsung Electronics fell to the 70,000 won level during the session, becoming a 70,000 won stock intraday. This is the first time Samsung Electronics has fallen below 80,000 won intraday since December 30 of last year, about four months ago.

The KOSDAQ is down 1.91%, recording 959.95.

Foreigners are net selling 178.4 billion won. Institutions are also selling 67.1 billion won. Individuals are net buying 252.9 billion won.

Top market cap stocks such as Celltrion Healthcare, Celltrion Pharm, Pearl Abyss, Kakao Games, and EcoPro BM are all down more than 3%.