KOSPI Shows Clear Foreign Selling Pressure, Fluctuates Around '3240'... KOSDAQ Weakens

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] The KOSPI, which rose to the 3260 level in early trading and raised expectations of setting a new intraday high, is showing a flat trend due to selling pressure from foreign investors.

As of 10:55 a.m. on the 7th, the KOSPI was trading at 3,243.23, up 3.15 points (0.10%) from the previous trading day. The KOSPI opened at 3,244.59, up 4.51 points (0.14%) from the previous day, and expanded its gains. In early trading, it extended its gains and surpassed the 3,260 level. At one point, it rose to 3,264.41, approaching the all-time intraday high of 3,266.23 recorded on January 11.

However, as foreign investors increased their selling volume, the gains narrowed, and the index even showed signs of turning downward. It has since partially recovered and is fluctuating around the 3,240 level.

By investor type, individuals are net buyers with 161.8 billion KRW. In contrast, foreign investors are net sellers with 168 billion KRW, and institutions are net sellers with 400 million KRW.

Among the top 10 KOSPI market capitalization stocks, Kia (2.36%), Hyundai Motor (1.04%), Kakao (1.21%), NAVER (0.70%), LG Chem (0.25%), Samsung Biologics (0.48%), and SK Hynix (0.39%) rose. Meanwhile, Samsung Electronics (-0.36%) and Samsung SDI (-0.16%) declined.

The KOSDAQ, which started the day higher, turned slightly down. At the same time, the index was trading at 985.07, down 2.51 points (0.25%) from the previous day, showing a slight decline.

Foreign investors sold 85.8 billion KRW, and institutions sold 12.6 billion KRW. Individuals were net buyers with 108.4 billion KRW.

Among the top 10 KOSDAQ market capitalization stocks, Seegene (-0.48%), Celltrion Healthcare (-1.34%), HLB (-0.15%), Celltrion Pharm (-1.09%), Kakao Games (-1.07%), and CJ ENM (-0.67%) declined. Meanwhile, Pearl Abyss (1.05%) and Alteogen (0.57%) rose.

Park Yoonchul, a researcher at Hi Investment & Securities, said, "The Korean stock market is expected to face upward pressure due to easing inflation concerns," adding, "The outlook for contact industries appears favorable."