[Asia Economy Reporter Park Jihwan] The KOSPI, which showed an early upward trend, turned downward due to selling pressure from individual and institutional investors.
As of 10:40 a.m. on the 2nd, the KOSPI is trading at 3,222.04, down 1.00 points (0.03%) from the previous day. The index started trading at 3,221.57, down 0.05% from the previous close, then quickly succeeded in turning upward. However, during the session, as selling volume from individuals and institutions expanded, the gains were given back and the index is showing a downward trend.
By investor type, individuals and institutions are net sellers of 80.4 billion KRW and 115.7 billion KRW, respectively. Meanwhile, foreigners are net buyers of 187.1 billion KRW.
The top 10 stocks by market capitalization are mixed. Semiconductor stocks such as Samsung Electronics (1.77%) and SK Hynix (3.45%) showed strength. LG Chem and Samsung SDI also rose by 0.35% and 0.27%, respectively. On the other hand, NAVER (-2.54%), Kakao (-1.71%), Samsung Biologics (-0.66%), and Hyundai Motor (-0.23%) are declining.
The KOSDAQ is also slightly down. It is trading at 1,034.85, down 2.95 points (0.28%) from the previous day. The index started trading at 1,038.91, up 0.11% (1.11 points) from the previous trading day, but as time passed, the gains diminished and it eventually turned downward.
On the KOSDAQ, individuals defended the index by net buying stocks worth 85.1 billion KRW. In contrast, foreigners and institutions are net sellers of 52.7 billion KRW and 31.0 billion KRW, respectively.
Most of the top 10 stocks by market capitalization are declining. Celltrion Healthcare (-0.44%), Celltrion Pharm (-1.10%), Pearl Abyss (-5.12%), and Seegene (-1.39%) are on a downward trend. Meanwhile, EcoPro BM alone rose 2.37%.
Han Jiyoung, a researcher at Kiwoom Securities, said, "The Korean stock market is expected to face downward pressure due to concerns over delayed global economic recovery caused by weak manufacturing indicators in major countries and caution during the Q2 earnings season."
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