[Asia Economy Reporter Minji Lee] The KOSPI, which had been declining due to concerns over economic slowdown, narrowed its losses in the afternoon and ended the session with a decline of around 0.1%.
On the 19th, the KOSPI closed at 2370.97, down 0.18% (4.28 points) from the previous trading day. The index opened at 2367.52, down 0.33% (7.73 points) from the previous day, and even dropped to the 2350 level. However, foreign investors turned to net buying, reducing the losses in the afternoon. In the KOSPI market that day, individual investors bought stocks worth 91.8 billion KRW, foreigners bought 38.5 billion KRW worth of stocks, while institutions alone sold stocks worth 144.7 billion KRW.
The decline in the KOSPI was driven by Apple's announcement of job cuts and tightened management. This raised concerns about economic slowdown, dampening investor sentiment toward risk assets. Lee Kyung-min, a researcher at Daishin Securities, said, "Although the market showed a downward trend due to recession concerns and earnings anxiety, the lack of an official stance on clear scale reductions led to a partial narrowing of the KOSPI's losses."
By sector, Food and Beverages (1.84%), Transportation Equipment (1.48%), Paper and Wood (1.23%), and Textiles and Apparel (1.15%) showed the largest gains. The Transportation Equipment sector showed strength ahead of earnings announcements from Hyundai Motor and Kia. The Pharmaceuticals sector also rose by around 0.8%, influenced by the increase in COVID-19 cases. Shinpung Pharmaceutical surged 16%, while Orient Bio (8.4%), Hyundai Pharm (4.4%), and Pharmicell (2.4%) also showed upward trends.
Among the top market capitalization stocks, Samsung Electronics fell 1.62%, and SK Hynix dropped 2.54% compared to the previous day. This was due to weakened investor sentiment toward the semiconductor sector following Apple's announcement of tightened management. Additionally, LG Energy Solution (-2.54%), NAVER (-1.22%), and Samsung SDI (-0.18%) declined, while Samsung Biologics (1.11%), Hyundai Motor (1.62%), LG Chem (1.17%), and Kia (2.50%) rose.
The KOSDAQ index closed at 782.33, up 0.72% (5.61 points) from the previous trading day at the same time. The KOSDAQ opened at 773.73, down 0.38% (2.99 points) from the previous day, but then turned upward. In the market, foreigners and individuals were net sellers of 3.5 billion KRW and 13.2 billion KRW respectively, while institutions alone bought stocks worth 22.6 billion KRW.
Among the top market capitalization stocks, Celltrion Healthcare (0.43%), EcoPro BM (0.73%), L&F (1.76%), Kakao Games (1.6%), Pearl Abyss (0.19%), Celltrion Pharm (1.03%), Alteogen (4.23%), and Chunbo (1.35%) rose, while HLB (-0.12%) and Seegene (-0.22%) declined.
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