[Asia Economy Reporter Lee Jung-yoon] The KOSPI index fell nearly 1% due to simultaneous selling pressure from foreigners and institutions. It is analyzed that concerns about an economic recession are still dampening investor sentiment.
As of 11:14 a.m. on the 6th, the KOSPI index was recorded at 2,321.44, down 20.34 points (0.87%) from the previous trading day. The index started the day at 2,330.11, down 11.67 points (0.50%) from the previous trading day, then dropped to 2,309.71 around 9:38 a.m., breaking below the 2,310 level. Foreigners and institutions sold stocks worth approximately 223.3 billion KRW and 323.4 billion KRW respectively, leading the index decline, while individuals net bought stocks worth 532.4 billion KRW.
Among the top market capitalization stocks, Kia recorded the largest drop, down 1.91%. This was followed by Hyundai Motor (-1.41%), Samsung SDI (-1.12%), SK Hynix (-0.65%), LG Chem (-0.39%), and Samsung Electronics (-0.35%). On the other hand, Kakao rose 3.33%, and LG Energy Solution gained more than 2% on news that it will supply batteries worth about 1 trillion KRW to Japan's Isuzu Motors. Naver also rose 2.06%. Samsung Biologics remained flat.
By sector, insurance fell more than 4%, followed by electricity and gas (-3.19%), steel and metals (-3.01%), distribution (-3.01%), transportation equipment (-2.56%), and finance (-2.38%). Meanwhile, services (1.44%), medical precision (1.31%), pharmaceuticals (0.91%), and textiles and apparel (0.43%) showed gains.
Seo Sang-young, head of the Media Content Division at Mirae Asset Securities, explained, "The KOSPI index is showing weakness as concerns about an economic recession continue," adding, "The won-dollar exchange rate is also affecting foreign investors' supply and demand." On the same day, the won-dollar exchange rate in the Seoul foreign exchange market started at 1,308.5 won, 8.2 won higher than the previous day's closing price, and even surpassed 1,310 won during the session.
At the same time, the KOSDAQ index showed an upward trend due to buying pressure from individuals and institutions. It recorded 757.95, up 7.00 points (0.93%) from the previous trading day. The KOSDAQ index started the day lower but recovered above the 750 level after falling to 745.42 around 9:11 a.m. Individuals and institutions net bought stocks worth approximately 60.8 billion KRW and 23.5 billion KRW respectively, while foreigners net sold about 71.1 billion KRW.
Among the top market capitalization stocks, Celltrion Healthcare recorded the largest gain, rising 3.50%. This was followed by Alteogen (2.87%), Celltrion Pharm (2.33%), Kakao Games (2.03%), L&F (1.70%), and Pearl Abyss (0.39%). Ecopro BM (-0.50%) and Chunbo (-0.37%) were weak, while Studio Dragon and HLB remained flat.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
