KOSPI Falls Below 2900 Amid Institutional and Foreign Net Selling...

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Following institutions, foreign investors also showed net selling, causing the KOSPI to turn downward.

As of 10:42 a.m. on the 30th, the KOSPI stood at 2,907.15, down 0.07% (2.17 points) from the previous trading day. The KOSPI opened the day at 2,932.71, up 0.80% (23.39 points) from the previous day, and even showed gains of over 1% during the session, but soon reversed to a decline and continued its weakness.

Currently, in the domestic stock market, foreigners and institutions maintain net selling, while individuals alone continue net buying. Foreigners and institutions sold stocks worth 38.3 billion KRW and 260.5 billion KRW respectively, while individuals alone bought stocks worth 286 billion KRW.

By sector, non-metallic minerals (2.61%), textiles and apparel (2.32%), transportation and warehousing (0.83%), and electrical and electronics (0.44%) showed the largest gains. As the index turned downward, the top market capitalization stocks also showed different patterns compared to early trading. SK Hynix, which showed strong gains early in the session, fell 0.43% to trade at 115,500 KRW. Other stocks such as LG Chem (-1.4%), Samsung SDI (-1.13%), Hyundai Motor (-0.25%), and KakaoBank (-2.99%) also declined. Some stocks continued to rise, with Samsung Electronics up 0.83%, NAVER up 0.39%, and Samsung Biologics up 1.02%.

During the session, China's manufacturing and services Purchasing Managers' Index (PMI) was released. The manufacturing PMI rebounded for the first time in three months, recording 50.1, which is interpreted as somewhat easing concerns about economic slowdown. A PMI above the baseline of 50 indicates an expansion phase, while below 50 indicates contraction. However, the non-manufacturing PMI, including services, fell by 0.1 percentage points from the previous month to 52.3, showing a slowdown in service sector recovery due to ongoing COVID-19 infections.

At the same time, the KOSDAQ index stood at 999.23, up 0.69% (6.89 points) from the previous trading day. The KOSDAQ opened at 1,003.04, up 1.08% (10.70 points) from the previous day, and showed gains of over 1%, but the current increase has significantly narrowed. Regarding investment trends, individuals and institutions bought stocks worth 60.7 billion KRW and 23.2 billion KRW respectively, while foreigners alone sold stocks worth 83.8 billion KRW.

By sector, digital content (2.97%), general electrical and electronics (2.26%), paper and wood (2.11%), and IT software (2.06%) showed the largest gains. Among digital content-related stocks, Playwith (29.7%), Actoz Soft (11.5%), and Neowiz Holdings (10.5%)?all game-related stocks?showed sharp rises.

Among the top market capitalization stocks in KOSDAQ, Celltrion Healthcare (0.84%), EcoPro BM (4.75%), Pearl Abyss (2.92%), L&F (1.48%), Kakao Games (0.10%), Wemade (2.815%), and Celltrion Pharm (2.14%) continued to rise. Seegene fell more than 5% early in the session but has narrowed its loss to 1.87% at present.