KOSPI Falls Below 3000 Amid Institutional Selling Pressure

KOSDAQ Shows Slight Decline of Around 1%... Wemade Drops 13.34%

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The KOSPI has fallen below the 3000 mark again after just one day due to institutional selling pressure.

As of 1:46 PM on the 23rd, the KOSPI recorded 2995.85, down 0.58% (17.40 points) from the previous day. It had dropped to 2992.14 at 11:39 AM earlier that day.

Institutional selling is strong. Institutions net sold 586.4 billion KRW. Individuals and foreigners net bought 339.1 billion KRW and 228.1 billion KRW, respectively.

Many sectors showed weakness. Pharmaceuticals had the largest decline at 2.37%. This was followed by services (-1.99%), transportation and warehousing (-1.28%), transportation equipment (-1.24%), and chemicals (-0.99%). On the upside were paper and wood (2.65%), steel and metals (1.33%), non-metallic minerals (1.15%), banks (1.07%), and electric and gas utilities (0.82%).

Almost all of the top 10 market capitalization stocks declined. LG Chem had the largest drop at 3.14%. This was followed by Kakao (-2.72%), NAVER (-2.44%), Samsung SDI (-2.41%), Samsung Biologics (-2.28%), Kia (-2.22%), Hyundai Motor (-1.60%), and SK Hynix (-0.42%). Kakao Bank (1.25%) and Samsung Electronics (0.40%) rose.

At the same time, the KOSDAQ recorded 1016.89, down 1.49% (15.42 points) from the previous day. It had fallen to 1016.14 at 10:22 AM.

Foreigners and institutions selling led to the index decline. Foreigners and institutions net sold 22.9 billion KRW and 181.3 billion KRW, respectively. Individuals net bought 221.3 billion KRW.

Most sectors declined. Digital content had the largest drop at 5.74%. This was followed by publishing and media replication (-3.66%), IT software & services (-3.62%), distribution (-2.35%), and paper & wood (-2.11%). On the upside were textiles and apparel (1.64%), construction (0.53%), non-metallic minerals (0.34%), telecommunications equipment (0.23%), and transportation (0.04%).

All of the top 10 market capitalization stocks except EcoPro BM declined. Wemade had the largest drop at 13.34%. This was followed by Celltrion Pharm (-4.81%), Celltrion Healthcare (-3.91%), SK Materials (-2.70%), Pearl Abyss (-2.59%), HLB (-2.00%), L&F (-1.64%), CJ ENM (-1.58%), and Kakao Games (-1.44%). EcoPro BM rose 0.37%.