Foreigners and Institutions Sell as Market Opens... KOSPI Starts Lower

KOSDAQ Starts Up but Quickly Turns Down

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The KOSPI opened lower due to selling pressure from foreigners and institutions. The KOSDAQ started higher but soon turned downward.

On the 30th, the KOSPI opened at 3,234.37, down 0.26% (8.28 points) from the previous trading day. At 9:05 a.m., the KOSPI even dropped to 3,223.09.

Foreigners and institutions are selling intensively. On this day, foreigners and institutions net sold 40.9 billion KRW and 147.1 billion KRW, respectively. Individuals net bought 187.1 billion KRW.

Almost all sectors declined. The textile and apparel sector had the largest drop of 0.85%. This was followed by securities (-0.84%), services (-0.80%), distribution (-0.67%), and finance (-0.55%). Steel and metals (1.29%), paper and wood (0.54%), and banking (0.51%) rose.

The top 10 stocks by market capitalization showed a relatively cautious trend. Kia had the largest decline of 1.04%. This was followed by Samsung SDI (-0.92%), Samsung Biologics (-0.88%), NAVER (-0.68%), Hyundai Motor (-0.45%), and Samsung Electronics (-0.38%). LG Chem rose 2.28%. SK Hynix, Kakao, and Celltrion remained flat.

The KOSDAQ opened at 1,044.28, up 0.01% (0.15 points) from the previous day. However, it soon turned downward and fell to 1,040.21.

Selling pressure from foreigners and institutions led to the index's decline. Foreigners and institutions net sold 27 billion KRW and 18.8 billion KRW, respectively. Individuals net bought 45.5 billion KRW.

Most sectors declined. Digital content had the largest drop of 1.02%. This was followed by entertainment and culture (-0.67%), chemicals (-0.41%), semiconductors (-0.36%), and information devices (-0.26%). Telecommunications services (0.68%), software (0.57%), general electrical and electronics (0.52%), transportation equipment and parts (0.37%), and telecommunications and broadcasting services (0.31%) rose.

The top 10 stocks by market capitalization showed mixed results. Pearl Abyss had the largest decline of 3.83%. This was followed by SK Materials (-0.83%), Alteogen (-0.73%), Celltrion Pharm (-0.70%), and Celltrion Healthcare (-0.54%). EcoPro BM (2.81%), HLB (0.98%), CJ ENM (0.24%), and Kakao Games (0.21%) rose. Seegene remained flat.