[Asia Economy Reporter Park Jihwan] The KOSPI, which had fallen to the '3110 level' in early trading due to simultaneous selling by foreigners and institutions, gradually reduced its losses and ultimately succeeded in turning to a gain. The KOSDAQ, which had been declining, also reversed to an upward trend.
According to the Korea Exchange on the 17th, as of 11:13 a.m., the KOSPI was at 3,130.84, up 0.75 points (0.02%) from the previous trading day. The index opened at 3,127.75, down 2.34 points (0.07%) from the previous day. It then dropped to the 3110 level before gradually reducing losses and recovering to the 3130 level.
By investor type, individuals led the index with net purchases of 365.1 billion KRW. In contrast, foreigners and institutions net sold 155.8 billion KRW and 218.1 billion KRW, respectively.
Among the top market capitalization stocks, Samsung Electronics rose 0.92% to 76,800 KRW compared to the previous day. SK Hynix (1.92%), Hyundai Motor (0.24%), and Celltrion (2.81%) also increased. On the other hand, NAVER (-0.37%), Kakao (-1.65%), and LG Chem (-1.54%) declined.
Hyundai Heavy Industries, which was listed on the stock market that day, formed an opening price of 111,000 KRW, 1.85 times its public offering price, then sharply dropped in early trading but has now turned to a surge of over 8%. The stock price of Hyundai Heavy Industries' parent company, Korea Shipbuilding & Offshore Engineering, is falling sharply by over 10% during the session. This is interpreted as the effect of the 'holding company discount,' where the value of the parent company's shares is diluted when a subsidiary is listed. The holding company discount refers to the phenomenon where the parent company's value decreases because the values of the two companies are double-counted due to the subsidiary's listing.
At the same time, the KOSDAQ was at 1,040.18, up 0.75 points (0.07%) from the previous trading day. The index opened at 1,040.73, up 1.3 points (0.13%) from the previous day.
By investor type, similar to the KOSPI, individuals showed a net buying advantage of 63.8 billion KRW. Foreigners and institutions showed net selling flows of 29.9 billion KRW and 31.7 billion KRW, respectively.
Among the top 10 market capitalization stocks, there were mixed movements. Celltrion Healthcare (4.00%), Celltrion Pharm (2.32%), and Kakao Games (0.70%) rose. Meanwhile, EcoPro BM (-1.21%), HL Biopharma (-2.24%), and L&F (-2.60%) declined.
Seo Sangyoung, a researcher at Mirae Asset Securities, said, "The Korean stock market is expected to start flat and show a cautious stance rather than active changes. Changes are expected due to supply and demand factors such as foreigners' futures trends, which have recently been driving market changes, and a sector-differentiated market focusing more on sectors than the index is likely to unfold."
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