KOSPI Mixed... Foreigners Sell for 6 Consecutive Trading Days

KOSPI Mixed Amid Continued Foreign Net Selling
Preference for Safe Assets Increases

[Asia Economy Reporter Junho Hwang] On the 17th, South Korea's stock market showed mixed trends. Although the holiday has passed, the market has been fluctuating as foreign investors continue to withdraw. However, Samsung Electronics and SK Hynix, which showed a downward trend last week, started the day on a positive note.

On the 17th, the KOSPI opened at 3169.74, down 1.55 points (0.05%). It seemed the decline from last week would continue. However, early in the session, the KOSPI reversed to an increase before falling again. As of 9:13 a.m., the KOSPI was down 0.003% at 3170.32.

Foreign investors sold a net 218.6 billion KRW today. However, individuals and institutions bought 219.9 billion KRW and 5.2 billion KRW respectively, mounting a counterattack.

Among the top market capitalization stocks, Samsung Electronics' upward trend stands out. It climbed for the first time in 7 trading days. SK Hynix recorded 101,000 KRW, down 0.49%. SK Hynix had risen 1% to 101,500 KRW on the 13th. Additionally, Samsung Biologics and Celltrion are maintaining their upward momentum.

By sector, financials, pharmaceuticals, electrical and electronics, distribution, and machinery showed the largest gains in that order. Within financials, Korea Electronics Holdings, Aplus Asset, and KB Green Holdings showed notable increases.

The KOSDAQ also declined. Starting the day down 0.11%, it is currently trading at 1035.29, down 0.53%. Individuals are net buyers with 66.6 billion KRW, while foreigners and institutions are net sellers with 46.4 billion KRW and 13.7 billion KRW respectively.

Most of the top market cap stocks are declining. Celltrion Healthcare is trading down 0.34% at 118,800 KRW, EcoPro BM down 1.66% at 308,100 KRW, and Celltrion Pharm down 0.43% at 162,800 KRW. HL Biotech is up 0.13% at 37,400 KRW.

Among sectors, the rise in other manufacturing stands out. Ace Bed is hitting the upper price limit, with the entire sector up 7.91%. Transportation and distribution sectors are also showing gains.

Regarding today's market, Ji-Young Han, a researcher at Kiwoom Securities, said, "The Korean stock market is expected to rebound mainly in large-cap stocks as the over 1% sharp drop last Friday was seen as excessive." She added, "The stabilization of major semiconductor stocks like Micron in the U.S. market is also expected to contribute to the rebound in domestic semiconductor stocks, whose sentiment had recently deteriorated sharply." However, she noted, "Concerns over delayed global economic recovery remain high, and cautious sentiment ahead of key U.S. economic indicators such as retail sales and industrial production, to be released after the domestic market closes, will likely limit the index's upside."