Due to Institutional Selling... KOSPI Trades Slightly Lower in the Afternoon

The KOSDAQ, which started on the rise, also shows mixed trends

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The KOSPI, which started higher, is hovering in a slightly weak range due to institutional selling. The KOSDAQ, which also started higher, turned downward, showing a mixed trend.

As of 2:12 PM on the 24th, the KOSPI recorded 3,122.82, down 0.15% (4.76 points) from the previous day. The KOSPI started higher but turned downward around 11 AM. It even dropped to 3,119.40 at 1:38 PM.

Institutional selling led to the index decline. Institutions net sold 329 billion KRW. Individuals and foreigners net bought 317.1 billion KRW and 8.7 billion KRW, respectively.

Many sectors showed weakness. The electric and gas industry had the largest drop at 1.69%. This was followed by construction (-1.40%), medical precision (-1.19%), machinery (-1.01%), and distribution (-0.89%). On the upside were banks (2.92%), textiles and apparel (2.89%), finance (0.87%), insurance (0.85%), and services (0.48%).

Most of the top 10 market capitalization stocks declined. Celltrion had the largest drop at 2.99%, followed by Kia (-1.66%), Samsung SDI (-0.96%), SK Hynix (-0.95%), Hyundai Motor (-0.72%), LG Chem (-0.26%), and Samsung Electronics (-0.13%). Kakao (4.35%), NAVER (1.13%), and Samsung Biologics (0.11%) rose.

At the same time, the KOSDAQ recorded 1,036.26, unchanged from the previous day. It rose to 1,045.21 at 9:27 AM but then turned downward, showing a mixed trend.

Individual buying is strong. Individuals net bought 240.3 billion KRW. Foreigners and institutions net sold 115.7 billion KRW and 106 billion KRW, respectively.

Sector indices were mixed. IT components rose the most at 5.07%, followed by IT hardware (1.46%), paper and wood (1.13%), medical and precision instruments (1.08%), and chemicals (0.75%). On the downside were distribution (-1.76%), broadcasting services (-1.55%), telecommunications and broadcasting services (-1.27%), metals (-1.14%), and transportation equipment and parts (-1.05%).

Many of the top 10 market capitalization stocks showed weakness. Celltrion Pharm’s drop was the largest at 4.63%, followed by Celltrion Healthcare (-3.51%), HL Biopharma (-2.71%), Kakao Games (-0.73%), SK Materials (-0.67%), Alteogen (-0.50%), and EcoPro BM (-0.04%). L&F (20.05%), Pearl Abyss (4.50%), and Seegene (2.78%) rose.