Korean Stock Market's Gains Narrow... Defending Samcheonpi and Cheonseudak Levels

Foreigners Turn from Net Buyers to Net Sellers, Causing KOSPI to Falter
KOSDAQ Maintains Strength with Both Foreign and Institutional Buyers

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] During the trading session, the KOSPI gave up more than a 1% gain from the previous day and closed lower. Nevertheless, the KOSPI maintained the 3000 level, and the KOSDAQ held the 1000 level.

On the 8th, the KOSPI closed at 3001.80, up 0.34% (10.08 points) from the previous day. This was the first time in about half a month since the 22nd of last month that the KOSPI closed above 3000. Around 10 a.m., it reached as high as 3036.13, up 1.48% from the previous day, but it softened somewhat in the afternoon before closing.

It appears that the index gave up gains as foreign investors, who had been net buyers early in the session, turned to net sellers. Ultimately, institutions alone were net buyers of 802.1 billion KRW, while foreigners and individuals were net sellers of 85.1 billion KRW and 688.7 billion KRW, respectively.

Unlike the morning session where almost all sectors recorded gains, the market closed with a similar ratio of rising and falling sectors. Pharmaceuticals (2.81%), medical precision instruments (2.30%), electric and gas utilities (1.06%), and chemicals (0.86%) rose, while food and beverages (-1.03%), construction (-0.70%), and textiles and apparel (-0.49%) declined.

Among the top 10 market capitalization stocks, LG Chem posted the largest gain of 5.63%. It was followed by Samsung Biologics (4.22%), Samsung SDI (2.75%), NAVER (1.02%), and Kakao (-0.42%). SK Hynix (-1.23%) and Kia (-0.12%) fell. Samsung Electronics, Hyundai Motor, and KakaoBank remained flat.

The KOSDAQ closed at 1006.04, up 0.94% (9.40 points). After starting higher, it briefly reached 1012.64, up 1.61% from the previous day, but then gave up some of the gains.

In the KOSDAQ market, foreigners and institutions were net buyers of 150.2 billion KRW and 155.6 billion KRW, respectively. Individuals were net sellers of 289.1 billion KRW.

More sectors rose than fell. Digital content (3.91%), general electrical and electronics (3.03%), IT software & services (2.66%), and pharmaceuticals (2.13%) increased, while semiconductors (-1.10%), telecommunications equipment (-0.98%), and construction (-0.61%) declined.

Most of the top 10 market capitalization stocks rose. WeMade surged 9.04%. It was followed by EcoPro BM (6.51%), L&F (6.19%), Kakao Games (4.99%), Alteogen (4.51%), Pearl Abyss (3.81%), Celltrion Pharm (2.92%), and Celltrion Healthcare (0.50%). HL Biotech fell by -0.27%.