Chaos in KOSPI... Tug of War with Foreigners Selling Shares

[Asia Economy Reporter Junho Hwang] On the morning of the 29th, the KOSPI, which had reversed to a decline, is again continuing a weak upward trend in the afternoon. The tug-of-war continues as foreigners' net selling is being offset by net buying from individuals and institutions.

As of 1:08 PM on the day, the KOSPI is at 3,238.44, up 0.05% from the previous day's close. The KOSPI started the day higher but reversed to a decline around 12:50 PM before rising again. Individuals and institutions have net bought 8.6 billion KRW and 243.7 billion KRW respectively, but foreigners have net sold 245.6 billion KRW, leaving the index direction unclear. Among all stocks, 470 rose while 349 fell.

Among the top market capitalization stocks, Samsung Electronics is unable to escape a downward trend amid foreigners' net selling. At this time, its price is 79,000 KRW, down 200 KRW from the previous close. During a conference call today, Samsung Electronics repeatedly stated that it "positively views the possibility of meaningful mergers and acquisitions (M&A) within three years." Samsung Electronics had also mentioned preparing for M&A back in January.

SK Hynix is also seeing net buying from individuals and institutions but cannot keep up with foreigners' net selling. At this time, SK Hynix is down 0.88% at 113,000 KRW. On the other hand, Samsung Biologics (0.55%), Samsung SDI (0.26%), Celltrion (0.19%), and Kia (0.35%) are showing upward trends.

By industry, textile and apparel, food and beverage, non-metallic minerals, transportation equipment, and paper and wood industries are on the rise. Among these, in textile and apparel, TBH Global (7.01%), F&F (3.58%), and Ssangbangwool (1.87%) are leading the sector's gains.

While the KOSPI is struggling, the KOSDAQ is maintaining its upward trend today. At this time, the KOSDAQ is up 0.73% at 1,043.23. Individuals and foreigners have net bought 38.3 billion KRW and 37.5 billion KRW respectively, while institutions are net selling 43.9 billion KRW. Among all stocks, 753 are rising and 346 are falling. Most of the top market capitalization stocks are recording gains, including Celltrion Healthcare (0.18%), Kakao Games (0.53%), and EcoPro BM (2.59%).