On the 16th, when the KOSPI index started lower due to selling by individuals and foreigners, dealers were working in the Hana Bank dealing room in Euljiro, Seoul. The KOSPI opened at 2,995.68, down 3.84 points (0.13%) from the previous trading day. Photo by Moon Honam munonam@
[Asia Economy Reporter Hwang Junho] On the 18th, the KOSPI closed lower as concerns over U.S. inflation exerted downward pressure. Foreign investors briefly turned to net buying in the afternoon but reverted to net selling, further dragging the index down. Only individual investors continued net buying, helping to limit the KOSPI's decline.
On this day, the KOSPI closed at 4:30 PM, one hour later than usual due to the College Scholastic Ability Test. The KOSPI showed weakness from the start of trading and ended the day down 0.51% at 2,947.38 compared to the previous day. Individuals made net purchases worth 221.9 billion KRW, but institutions and foreigners net sold 196.9 billion KRW and 48.2 billion KRW respectively, resulting in a decline.
Among all listed stocks, 256 rose. Meanwhile, 608 stocks fell, and 65 stocks closed unchanged. Among the top market capitalization stocks, NAVER (1.50%), LG Chem (0.91%), and Samsung SDI (0.13%) showed gains.
Samsung Electronics, the perennial market leader, initially showed gains but soon fell and failed to recover. It closed down 0.71% at 70,200 KRW. SK Hynix, another semiconductor stock like Samsung Electronics, ended the day down 0.45% at 110,000 KRW.
By sector, most sectors showed gains. Textile and apparel (0.59%) and non-metallic minerals (0.34%) posted increases. However, no stocks within the rising sectors showed double-digit gains. In the textile and apparel sector, Vivian closed up 5.89% at 3,505 KRW, supported by a third-quarter profit. In the non-metallic minerals sector, Daelim B&Co rose 7.60%.
Lee Kyung-min, a researcher at Daishin Securities, analyzed, "Amid ongoing concerns about global inflation and Federal Reserve monetary policy, the KOSPI fell to 2,937," adding, "Although U.S. Treasury yields declined, leading to a weaker dollar and a drop in the won/dollar exchange rate, which prompted intraday net buying by foreigners, the upside remained limited."
Kim Seok-hwan, a researcher at Mirae Asset Securities, stated, "Despite foreign investors switching to net buying during the day, the KOSPI's decline continued due to the absence of clear leading stocks," and added, "In the KOSDAQ, metaverse and NFT-related stocks continued to show strength."
On the 16th, when the KOSPI index started lower due to selling by individuals and foreigners, dealers were working in the dealing room of Hana Bank in Euljiro, Seoul. The KOSPI opened at 2,995.68, down 3.84 points (0.13%) from the previous trading day. Photo by Moon Honam munonam@
As Kim's opinion suggested, the KOSDAQ showed mixed trends during the day but closed slightly higher. The KOSDAQ ended the day up 0.15% at 1,032.77 compared to the previous session. Individual investors performed well with net purchases worth 151.4 billion KRW. Institutions also contributed to the index rise with net buying of 31.1 billion KRW. Foreigners net sold 120.5 billion KRW on the day.
Among all stocks, 516 rose. Among the top market capitalization stocks, Ecopro BM (1.38%), L&F (4.75%), Kakao Games (0.65%), and Wemade (9.74%) stood out with gains.
Kim analyzed, "Danal and Wemade rose reflecting expectations for expansion of coin payment businesses within the metaverse, and the political sphere's emerging opinions to shift virtual currency policies from regulation to promotion," adding, "L&F, Cheonbo, and Ecopro showed strength reflecting recent expectations for global electric vehicle industry expansion."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
