Foreigners Shift to 'Sell' in Gift Market
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[Asia Economy Reporter Hwang Yoon-joo] The KOSPI and KOSDAQ are widening their morning losses. Foreign investors and institutions are increasing their selling pressure, intensifying downward pressure on the indices. Foreigners have switched to selling in the futures market. Among the top market capitalization stocks, Hyundai Motor plunged sharply following news of a raid in Germany, and LG Energy Solution's canceled investment in the U.S. is also impacting KOSDAQ battery stocks.
As of 11 a.m., the KOSPI is trading at 2,382.06, down 1.65% (40.03 points) from the previous day. The KOSPI opened down 1.44% (34.99 points) at 2,387.10 and has been widening its losses since.
Supply and demand factors are significant. Foreigners and institutions are net sellers of 85.9 billion KRW and 243.9 billion KRW, respectively. Meanwhile, individuals are net buyers of 313.4 billion KRW. Foreigners initially showed buying interest in the futures market right after the open but switched to selling, increasing their sell orders to 156.6 billion KRW.
All of the top 10 market capitalization stocks are declining. Hyundai Motor, which is under investigation in Germany, has the largest drop at -6.18%. It is followed by Kia (-5.86%) and LG Chem (-5.79%). LG Energy Solution, which announced the withdrawal of a 1.7 trillion KRW investment in the U.S., also shows a notable decline of -4.02%.
By sector, transportation equipment (-3.80%), non-metallic minerals (-2.80%), steel and metals (-2.62%), medical precision (-2.44%), and electrical and electronics (-1.94%) posted the largest declines. Conversely, machinery (+1.22%), electric and gas utilities (+1.34%), construction (+0.52%), distribution (+0.37%), and textiles and apparel (+0.34%) are rising.
The domestic equity team at Shinhan Investment Corp Research Center analyzed, "The KOSPI fell due to weak U.S. consumer sentiment indicators and growing concerns about a recession in the second half of the year. The Bank of Korea's announced one-year expected inflation is approaching 4%, and amid recession fears, market participants are cautious about individual economic indicators, leading to reduced supply and demand."
As of 11:11 a.m., the KOSDAQ is at 757.39, down 1.58% (12.12 points) from the previous day. The KOSDAQ also opened down 1.34% (10.30 points) at 759.21 and has been widening its losses.
Similar to the KOSPI, the index is falling due to combined selling pressure from foreigners and institutions. Foreigners and institutions are net sellers of 187.5 billion KRW and 82.8 billion KRW, respectively. Individuals are net buyers of 274.4 billion KRW.
Among the top 10 market capitalization stocks, L&F (-7.03%) and EcoPro BM (-3.67%) show notable declines, likely affected by LG Energy Solution's canceled U.S. investment. Cheonbo (-4.71%) and Kakao Games (-4.29%) also have high decline rates.
By sector, IT components (-3.49%), paper/wood (-3.29%), semiconductors (-2.33%), general electrical and electronics (-2.24%), and finance (-2.02%) posted the largest declines. Only metals (+1.67%) and construction (+0.20%) are in positive territory.
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