[Asia Economy Reporter Hwang Junho] The chaotic stock market on the 6th came to an end. The KOSPI and KOSDAQ, which started higher due to the strong performance of the U.S. stock market, fluctuated amid institutional selling pressure. While the KOSPI closed lower, the KOSDAQ maintained its upward trend by the end of trading.
On this day, the KOSPI closed at 3,270.36, down 5.77 points (-0.18%) from the previous day. Strong net selling by institutions overshadowed the net buying by individuals and foreigners. Institutions sold off 233.2 billion KRW, while individuals and foreigners bought 191.3 billion KRW and 51.3 billion KRW respectively. Among all listed stocks, 464 stocks declined, 354 stocks rose, and 96 stocks remained unchanged.
Top market capitalization stocks also failed to avoid the downward trend. Samsung Electronics (Samsung Electronics), which recently surpassed 80,000 KRW per share, raising expectations, closed down 0.73% at 81,500 KRW. This marked the second consecutive day of decline following the previous day. Samsung Electronics began rising (1.02%) from the 2nd of this month, reaching the 80,000 KRW level (closing price 81,400 KRW) on the 3rd, but has been on a downward path since the 5th. SK Hynix also fell for the second consecutive day, extending its decline from 0.83% the previous day to 1.67% on this day.
Kakao, which announced its earnings on this day, closed lower after falling short of expectations. It ended the day at 145,000 KRW, down 2.35% from the previous day. Kakao reported that its Q2 sales and operating profit increased by 42% and 66% respectively, reaching 1.3522 trillion KRW and 162.6 billion KRW. While sales met market expectations, operating profit fell short.
Celltrion closed at 271,500 KRW, up 0.93%, supported by a 2.74% rise in the pharmaceutical sector. Besides Celltrion, SK Bioscience surged 17.55%, Ilyang Pharmaceutical rose 9.72%, Green Cross increased 6.92%, and Pharmicell climbed 3.45%, highlighting the strong performance of the pharmaceutical sector. Other sectors that rose included machinery (1.04%), electric and gas utilities (0.38%), and non-metallic minerals (0.30%).
KakaoBank, which was listed on this day, closed as the 11th largest market capitalization stock on the KOSPI (excluding Samsung Electronics preferred shares). Although its opening price fell short of expectations, it fluctuated throughout the day and closed up 29.98% at 69,800 KRW. KakaoBank’s market capitalization reached 33.1619 trillion KRW, surpassing POSCO’s 29.7307 trillion KRW.
Lee Jaeseon, a researcher at Hana Financial Investment, commented, "The KOSPI closed slightly lower. It was a day lacking directional flow in supply and demand ahead of the U.S. employment data release."
The KOSDAQ also showed mixed trends but closed higher. It ended the day at 1,059.80, up 0.02% from the previous day. Despite foreigners net selling 26.7 billion KRW and institutions selling 70.2 billion KRW, individuals maintained the index’s upward momentum by net buying 109.2 billion KRW.
The pharmaceutical sector’s rise was also notable in the KOSDAQ, with top market capitalization stocks such as Celltrion Healthcare closing up 0.52% at 116,800 KRW and Celltrion Pharm up 0.14% at 146,400 KRW. Alteogen finished the day at 91,000 KRW, up 11.52%.
Lee Kyungmin, a researcher at Daishin Securities, analyzed, "The KOSPI has stalled for two consecutive days just below 3,300, standing at a crossroads whether the downward pressure at the upper bound of the trading range will increase again or whether it will break out upward to show a sustained upward trend." He added, "Considering the current investment environment and next week’s economic indicators, the likelihood of an upward breakout from the trading range appears high. The increased volatility due to psychological and supply-demand uncertainties is seen as an opportunity to increase exposure."
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