Early KOSPI Decline Amid Institutional Selling Pressure

Early KOSDAQ Market Shows Upward Trend... Surpasses 984 Level

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The KOSPI is falling in early trading due to institutional selling, while the KOSDAQ is rising on the strength of individual buying.

On the 3rd, the KOSPI opened at 2,935.93, down 0.32% (9.34 points) from the previous day. It even dropped to 2,927.55 at 9:04 a.m. that day.

Institutional selling is strong. Institutions net sold 222.6 billion KRW. Individuals and foreigners net bought 198.7 billion KRW and 24.6 billion KRW, respectively.

Most sectors rose. The textile and apparel sector had the largest gain at 2.18%. This was followed by non-metallic minerals (1.15%), telecommunications (0.83%), machinery (0.82%), and insurance (0.64%). On the downside were medical precision (-1.47%), pharmaceuticals (-1.32%), electrical and electronics (-1.19%), paper and wood (-0.67%), and manufacturing (-0.56%).

Many of the top 10 market capitalization stocks showed weakness. SK Hynix fell the most at 2.08%. This was followed by Samsung Electronics (-1.72%), LG Chem (-1.51%), Samsung Biologics (-1.12%), and NAVER (-0.38%). KakaoBank rose 1.85%, and Samsung SDI increased by 0.29%. Kakao, Hyundai Motor, and Kia all remained flat.

On the same day, the KOSDAQ opened at 981.65, up 0.43% (4.22 points) from the previous day. It even rose to 984.78 at 9:21 a.m.

Individual buying led to the index's rise. Individuals purchased 32.9 billion KRW. Foreigners and institutions net sold 44.7 billion KRW and 5.5 billion KRW, respectively.

All sectors except distribution rose. Broadcasting services had the largest gain at 2.37%, followed by digital content (1.95%), telecommunications and broadcasting services (1.81%), entertainment and culture (1.34%), and IT software & services (1.27%). Distribution fell 0.42%.

Many of the top 10 market capitalization stocks showed strength. Pearl Abyss had the largest gain at 2.07%, followed by EcoPro BM (1.87%), Kakao Games (1.86%), Wemade (1.19%), and L&F (1.12%). On the downside were Celltrion Healthcare (-1.80%), Celltrion Pharm (-1.72%), Seegene (-0.75%), and HLB (-0.68%). SK Materials remained flat.