[Asia Economy Reporter Junho Hwang] On the 9th, the KOSPI closed mixed. Only institutions were net buyers, but after fluctuating, it closed down 2.26 points at 2,962.46. Early in the session, foreign investors who had started to improve business conditions turned to net selling, causing the overall index to fall.
On that day, foreigners engaged in net selling worth 136.1 billion KRW. Following individuals' profit-taking of 152.8 billion KRW, foreigners also started selling, increasing downward pressure on the index. Institutions defended the index decline by net buying 272.4 billion KRW.
Among all stocks, only 315 showed gains. 540 sectors declined, and 73 sectors remained flat. Among the top market capitalization stocks, sectoral fortunes diverged. Samsung Electronics, the unchanging market leader, closed at 70,500 KRW, down 0.14% from the previous day due to foreign selling pressure. Meanwhile, SK Hynix closed up 1.40% at 109,000 KRW. In the internet sector, NAVER closed up 2.33% at 417,500 KRW, while Kakao (125,500 KRW) rose only 0.40%.
By sector, expectations for the metaverse grew, with GalaxiaSM rising 29.95% to 3,775 KRW, and Asendio also up 6.81%. Galaxia Money Tree has partnered with the sports marketing company GalaxiaSM to sign agreements with the Korea Volleyball Association, Korea Canoe Federation, and Korea Triathlon Federation, securing sports-related intellectual property (IP). GalaxiaSM holds the largest number of IPs among domestic NFT-related services. Asendio announced it will actively target the metaverse market by producing the webtoon-based sci-fi disaster action film 'Hive,' which appears to have boosted its stock price.
NHN's stock rose 12.26% on news that it recorded its highest quarterly performance this year in Q3. NHN reported consolidated sales of 472.5 billion KRW, operating profit of 27.9 billion KRW, and net profit of 44.5 billion KRW for Q3. Compared to the same period last year, sales increased by 14.8%, operating profit by 18.6%, and net profit by 38.7%.
Additionally, sectors benefiting from the passage of the US infrastructure bill showed noticeable gains. The machinery sector stood out with stocks like Doosan Bobcat (8.32%), DY Power (3.86%), and LIG Nex1 (3.37%) reflecting related optimism.
Lee Kyung-min, a researcher at Daishin Securities, analyzed, "The market showed cautious sentiment ahead of this week's US and China inflation data releases, while also being wary of news flow regarding the reappointment of Jerome Powell as Chair of the US Federal Reserve. Asian markets also showed mixed trends, influencing the domestic market."
On the same day, the KOSDAQ closed up 0.62% at 1,008.68. Foreigners, who withdrew from KOSPI, were net buyers of 128.8 billion KRW in KOSDAQ, driving the index higher. Individuals and institutions were net sellers of 76.4 billion KRW and 21.9 billion KRW, respectively.
Among all stocks, 505 rose while 842 fell. The rise of top market cap stocks was prominent, with KOSDAQ leader Celltrion Healthcare up 4.01% at 83,000 KRW. Celltrion Pharm also closed up 3.58% at 115,600 KRW. EcoPro BM rose 10.00%, and L&F increased 5.94%. Game leader Pearl Abyss rose 0.18%, and Wemade jumped 3.55%.
The domestic equity team at Shinhan Investment Corp. stated, "Foreigners switched to net buying during the session," and analyzed, "The KOSDAQ index rose as capital flowed mainly into NFT-related stocks."
Kim Seok-hwan, a researcher at Mirae Asset Securities, noted, "Foreigners maintained a selling trend only in KOSPI," and added, "There is an intensified concentration on specific theme stocks such as secondary batteries, metaverse, and NFTs."
Meanwhile, the won-dollar exchange rate fell to 1,177 KRW during the session due to a decline in US Treasury yields and a weaker dollar.
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