Foreigners and Institutions Sell Off... KOSPI Falls to 3230 Level

On the Same Day, KOSDAQ Hits New High but Turns Down During Trading Session

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The KOSPI's decline is widening due to selling pressure from foreigners and institutions.

As of 1:37 PM on the 26th, the KOSPI recorded 3,237.64, down 0.52% (16.78 points) from the previous trading day. It even fell to 3,235.13 at 1:32 PM that day.

Selling by foreigners and institutions led to the index's decline. On that day, foreigners and institutions net sold 244.1 billion KRW and 237.4 billion KRW, respectively. Individuals net bought 485.9 billion KRW.

Almost all sectors declined. The machinery sector had the largest drop at 1.75%. This was followed by construction (-1.34%), electricity and gas (-1.04%), finance (-0.86%), and telecommunications (-0.82%). Meanwhile, medical precision (2.84%), steel and metals (0.37%), and pharmaceuticals (0.17%) rose.

Most of the top 10 stocks by market capitalization fell. Kakao had the largest decline at 1.67%. This was followed by LG Chem (-1.33%), Samsung SDI (-1.33%), SK Hynix (-0.84%), Celltrion (-0.74%), Samsung Electronics (-0.50%), Kia (-0.23%), and Hyundai Motor (-0.22%). Samsung Biologics rose 1.01%. NAVER remained unchanged.

At the same time, the KOSDAQ recorded 1,053.48, down 0.19% (2.02 points) from the previous trading day. It reached a new yearly high of 1,060.21 at 9:00 AM but turned downward after 12:17 PM.

Selling pressure from foreigners and institutions was strong. Foreigners and institutions net sold 147.7 billion KRW and 45.9 billion KRW, respectively. Individuals net bought 208.9 billion KRW.

Sector indices were mixed. Computer services had the largest decline at 1.92%, followed by construction (-1.74%), information devices (-1.49%), metals (-1.25%), and other services (-1.22%). Meanwhile, general electric and electronics (1.44%), internet (1.30%), textiles and apparel (1.04%), software (1.00%), and broadcasting services (0.94%) rose.

Many of the top 10 stocks by market capitalization showed weakness. Alteogen had the largest decline at 3.36%, followed by Seegene (-2.37%), Kakao Games (-2.09%), Celltrion Pharm (-1.22%), Celltrion Healthcare (-1.21%), and SK Materials (-0.61%). EcoPro BM (6.83%), CJ ENM (2.25%), and Pearl Abyss (0.25%) rose. HL Biopharma remained unchanged.