Early 1% Decline in Both Markets Following Turmoil in US Stock Market

Individual and Pension Funds Net Buyers... Foreigners Net Sellers Again

On the 13th, employees are working in the dealing room at the Myeongdong Hana Bank headquarters in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The impact of inflation concerns shaking the US stock market is also appearing in the domestic stock market. However, the decline is somewhat limited as pension funds are engaging in net buying.

On the 13th, the KOSPI opened at 3146.97, down 14.69 points (0.46%) from the previous day. The decline widened, dropping to 3103.88 in the early session. As of 9:34 AM, it had risen back to 3140.81.

Foreign investors continued their selling streak following the previous day, but individual and institutional investors bought, helping to withstand the index decline. On this day, foreign investors sold a net 205.8 billion KRW worth of stocks. In contrast, individuals and institutions bought a net 37.6 billion KRW and 174.2 billion KRW, respectively.

Most sectors were in decline. Non-metallic minerals (-1.44%), medical precision (-1.37%), securities (-1.11%), and paper & wood (-1.06%) were among the largest decliners. Banks (3.88%) and insurance (1.07%) rose.

The top 10 market capitalization stocks also generally fell. Samsung SDI had the largest drop at -3.32%. This was followed by Kakao (-3.10%), LG Chem (-1.74%), NAVER (-1.46%), SK Hynix (-1.26%), POSCO (-1.25%), and Samsung Electronics (-0.88%). Samsung Biologics (2.34%) and Celltrion (2.10%) rose. Hyundai Motor remained flat.

The KOSDAQ showed a similar trend. It opened at 963.31, down 3.79 points (0.39%) from the previous day. It then dropped to 948.04, nearly 2% lower than the previous day, but showed signs of narrowing the decline. As of 9:34 AM, it recorded 960.30.

In the KOSDAQ market, foreign investors were the sole buyers, with net purchases worth 61.8 billion KRW, while individuals and institutions sold net 54.2 billion KRW and 8.7 billion KRW, respectively.

Almost all sectors were down. Financials had the largest decline at -1.36%, followed by semiconductors (-1.16%), telecommunications equipment (-1.15%), medical & precision instruments (-1.11%), and general electrical & electronics (-1.05%). Distribution (1.13%) and publishing & media reproduction (0.78%) rose.

Most of the top 10 market capitalization stocks also fell. Ecopro BM had the largest drop at -2.78%, followed by Alteogen (-2.30%), SK Materials (-1.67%), and HLB (-1.40%). Celltrion Healthcare (1.63%) and Celltrion Pharm (1.23%) rose.