KOSPI Closes at '2990 Level' Due to Dividend Cut Impact and Foreign/Institutional Selling...Individual Investors Net Buy 3 Trillion Won

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the 29th, the KOSPI closed down at the '2990 level' due to large-scale selling by foreigners and institutions on the ex-dividend date. Notably, individual investors bought nearly 3 trillion won in the domestic market.

On that day, the KOSPI closed at 2,993.29, down 26.95 points (0.89%) from the previous trading day. The index opened at 3,002.90, down 17.34 points (0.57%), and during the session fell to as low as 2,988.67.

By investor type, individuals net bought 1.8428 trillion won. Foreigners and institutions net sold 127.4 billion won and 1.7369 trillion won respectively, contributing to the index decline.

Among the top market cap stocks on the KOSPI, Kakao and Samsung SDI rose by 0.44% and 1.84%, respectively. On the other hand, Samsung Electronics (-1.87%), SK Hynix (-0.39%), NAVER (-0.65%), Samsung Biologics (-0.11%), Hyundai Motor (-0.93%), LG Chem (-0.63%), and Kia (-1.30%) declined. In particular, financial stocks showed a pronounced decline due to the ex-dividend effect. NH Investment & Securities (-6.99%), Daishin Securities (-8.73%), Samsung Fire & Marine Insurance (-7.43%), DB Insurance (-8.63%), and Industrial Bank of Korea (-5.86%) experienced significant drops.

The KOSDAQ closed at 1,028.05, up 0.61 points (0.06%) from the previous day.

By investor type, individuals net bought 1.1406 trillion won. Foreigners and institutions net sold 469 billion won and 664.1 billion won, respectively.

Among the top 10 market cap stocks on the KOSDAQ, only HL Biopharma rose by 5.82%. Meanwhile, Celltrion Healthcare (-6.34%) and EcoPro BM (-3.93%) declined. Additionally, Pearl Abyss (-3.43%), L&F (-0.93%), Kakao Games (-3.76%), Wemade (-1.96%), and Celltrion Pharm (-6.91%) closed lower.

Kim Seokhwan, a researcher at Mirae Asset Securities, said, "On this day, the domestic stock market saw increased individual buying due to the disappearance of the major shareholder capital gains tax issue," adding, "High-dividend sectors such as telecommunications and finance declined due to the ex-dividend effect."