KOSPI Slumps to 3002 Early in Session Amid Institutional Selling Pressure

KOSDAQ Also Shows Early Session Drop of Over 1%

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The domestic stock market is sluggish due to institutional selling pressure. The KOSPI fell to the 3002 level in early trading.

On the 23rd, the KOSPI opened at 3013.16, down 0.00% (0.09 points) from the previous day. As of 9:25 a.m., it dropped to 3002.63.

Institutional selling is strong. Institutions net sold 197.2 billion KRW. Individuals and foreigners net bought 59.2 billion KRW and 133.2 billion KRW, respectively.

Sector indices showed mixed results. The paper and wood sector had the largest gain at 3.34%. This was followed by non-metallic minerals (1.80%), steel and metals (1.60%), banks (1.09%), insurance (0.62%), and electric and gas utilities (0.49%). Meanwhile, pharmaceuticals (-1.57%), transportation equipment (-1.03%), services (-0.81%), securities (-0.68%), and medical precision (-0.43%) declined.

All of the top 10 market capitalization stocks except KakaoBank fell. NAVER had the largest drop at 1.95%. This was followed by LG Chem (-1.70%), Samsung Biologics (-1.60%), Kakao (-1.56%), Hyundai Motor (-1.37%), Kia (-1.17%), Samsung SDI (-0.67%), SK Hynix (-0.42%), and Samsung Electronics (-0.13%). KakaoBank rose 1.41%.

The KOSDAQ opened at 1024.33, down 0.77% (7.98 points) from the previous day. As of 9:03 a.m., it fell to 1020.50.

Institutional selling was also relatively strong. Institutions net sold 60.1 billion KRW. Individuals and foreigners net bought 63.7 billion KRW and 5.3 billion KRW, respectively.

Most sectors declined. The retail sector had the largest drop at 2.40%. This was followed by semiconductors (-1.73%), telecommunications equipment (-1.24%), IT hardware (-1.03%), and pharmaceuticals (-1.03%). Meanwhile, construction (1.38%), transportation (1.27%), textiles and apparel (0.79%), metals (0.52%), and telecommunications services (0.24%) rose.

Many of the top 10 market capitalization stocks showed weakness. Celltrion Pharm's decline was the largest at 5.12%. This was followed by Celltrion Healthcare (-4.69%), Wemade (-2.32%), SK Materials (-2.24%), CJ ENM (-1.88%), and HL Biotech (-1.00%). Pearl Abyss (1.68%), Kakao Games (1.44%), EcoPro BM (0.91%), and L&F (0.26%) rose.