All Domestic Stock Markets Weak... 'Samcheonpi and Cheonsudak Collapse'

[Asia Economy Reporter Park Jihwan] On the 29th, the domestic indices, which started higher, all turned downward.

As of 10:52 AM that day, the KOSPI was at 2,989.22, down 0.68% (20.33 points) from the previous trading day. The index opened at 3,025.67, 16.12 points (0.54%) higher than the previous close, but soon turned to a downward trend.

By investor type, foreigners and institutions were both net sellers, with selling dominance of 360.1 billion KRW and 133.9 billion KRW respectively. Individuals were the only net buyers, purchasing 483.5 billion KRW.

Most of the top market cap stocks were weak. Samsung Electronics (-0.28%), SK Hynix (-1.88%), NAVER (-1.21%), and Samsung Biologics (-1.02%) all declined. Only Kia showed a slight rise of 0.23%.

At the same time, the KOSDAQ was below the 1,000 mark at 997.71, down 2.42 points (0.24%) from the previous close.

By investor type, individuals and foreigners were net buyers of 51.7 billion KRW and 14.4 billion KRW respectively. Institutions were net sellers of 48.1 billion KRW.

Among the top market cap stocks, Celltrion Healthcare (-4.47%), HL Biopharma (-2.11%), and Celltrion Pharm (-3.82%) declined. In contrast, EcoPro BM (2.13%), L&F (3.12%), and Pearl Abyss (2.10%) rose.

Lee Woongchan, a researcher at Hi Investment & Securities, said, "With no upward momentum in the market itself, the Apple earnings announced after the US market close were weaker than expected, which seems to have created a perception that front-end demand might be poor, acting as a burden on the domestic stock market."

Kim Younghwan, a researcher at NH Investment & Securities, said, "A decision to implement tapering is expected at the US Federal Open Market Committee (FOMC) early next week, and manufacturing sentiment is currently subdued," adding, "Despite the presence of negative factors exposed to investors, they seem hesitant to step into buying."