KOSPI Swings Around 2300 Amid Foreign Selling Pressure... Intraday Record Low Also Recorded

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] On the morning of the 4th, the domestic stock market, which started higher, is fluctuating around the 2300 level due to selling pressure from foreigners.

The KOSPI index was at 2299.83, down 5.59 points (0.24%) from the previous trading day as of 11:25 a.m. The index, which opened at 2310.73, up 5.31 points (0.23%) from the previous trading day, recorded a yearly low of 2288.92 around 9:05 a.m. It then rose slightly and is currently moving around the 2300 level. Institutions defended the index decline by net buying about 154 billion KRW, but individuals and foreigners net sold about 25.2 billion KRW and 124.6 billion KRW, respectively.

Among the top market capitalization stocks, SK Hynix recorded the largest gain, rising 2.06%. It was followed by Samsung Electronics (1.78%), Kakao (1.19%), Kia (1.03%), Samsung Biologics (0.38%), and LG Energy Solution (0.28%). On the other hand, Samsung SDI (-1.37%), NAVER (-1.05%), LG Chem (-0.79%), and Hyundai Motor (-0.28%) showed weakness. During the session, Samsung Electronics fell to 55,700 KRW and SK Hynix to 86,300 KRW, hitting 52-week lows, but they are showing an upward trend.

By sector, Medical Precision (2.89%), Electric & Electronics (1.17%), Pharmaceuticals (0.59%), Food & Beverage (0.44%), and Textile & Apparel (0.24%) rose. Construction (-3.54%), Machinery (-3.33%), Chemicals (-1.93%), and Non-metallic Minerals (-1.63%) declined.

At the same time, the KOSDAQ index was recorded at 724.53, down 4.95 points (0.68%) from the previous trading day. Individuals net bought about 66.7 billion KRW, but foreigners and institutions net sold about 64 billion KRW and 2 billion KRW, respectively, leading the index decline.

HLB rose the most, up 4.01%. It was followed by Alteogen (2.43%), EcoPro BM (1.47%), Studio Dragon (1.41%), Celltrion Pharm (1.02%), L&F (0.40%), Celltrion Healthcare (0.29%), and Chunbo (0.15%). Meanwhile, Kakao Games and Pearl Abyss fell 2.90% and 2.23%, respectively.

Park Kwang-nam, a researcher at Mirae Asset Securities, explained, "So far, there have been no particularly significant events. It seems that volatility is occurring due to foreign selling pressure caused by the strong dollar in a situation where trading volume is not high." The won-dollar exchange rate started at 1,299.5 KRW, up 2.2 KRW from the previous day's closing price, and at one point rose to 1,299.9 KRW.