Before the Holiday, KOSPI Declines to '3110 Level' Due to Foreign and Institutional Selling... KOSDAQ Also Falls

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the 17th, the last trading day before the holiday, the KOSPI is showing a downward trend around the 3110 level due to simultaneous selling by foreigners and institutions.

As of 9:16 a.m. on that day, the KOSPI was at 3113.44, down 16.65 points (0.53%) from the previous trading day. The index opened at 3127.75, down 2.34 points (0.07%) from the previous day.

By investor type, individual investors are defending the index with net purchases of 196.2 billion KRW. In contrast, foreigners and institutions sold net amounts of 97.9 billion KRW and 100.7 billion KRW, respectively.

Looking at the top market capitalization stocks, Samsung Electronics is at 76,000 KRW, down 0.13% from the previous trading day. NAVER (-0.37%), Kakao (-2.06%), and LG Chem (-1.26%) also declined. On the other hand, SK Hynix (0.48%), Hyundai Motor (0.48%), and Celltrion (1.12%) rose.

At the same time, the KOSDAQ was at 1034.18, down 5.25 points (-0.51%) from the previous trading day. The index opened at 1040.73, up 1.3 points (0.13%) from the previous day.

Similar to the KOSPI, individual investors showed a net buying advantage of 56.6 billion KRW. Foreigners and institutions showed net selling flows of 38.2 billion KRW and 18.4 billion KRW, respectively.

Among the top 10 market capitalization stocks, the price movements were mixed. Celltrion Healthcare (1.33%), Celltrion Pharm (1.13%), Pearl Abyss (0.37%), and Kakao Games (0.42%) rose. Meanwhile, EcoPro BM (-0.24%), HLB (-0.15%), and L&F (-1.17%) declined.

Han Ji-young, a researcher at Kiwoom Securities, said, "The Korean stock market is expected to show limited price movements influenced by uncertainties in the U.S. consumer economy and caution ahead of the September FOMC." She added, "With the Chuseok holiday leading to three consecutive trading holidays next week, there is likely to be demand for stock position liquidation in preparation."