KOSDAQ Faces Risk of Falling Below 700... Drops Over 3%

Exchange Rate Up 1.43%
KOSPI Down 2.39%
KOSDAQ Plummets 3.09%

On the 26th, when the won-dollar exchange rate surpassed 1,420 won for the first time in about 13 years and 6 months, dealers were working in the dealing room of KB Kookmin Bank in Yeouido, Seoul. On the same day, the KOSPI index opened at 2,260.80, down 29.20 points (1.28%) from the previous trading day, continuing its downward trend. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Hwang Junho] On the morning of the 26th, the stock market continued its gloomy trend as major stocks widened their losses, with the KOSPI falling 2.39%.

As of 11:05 AM, the KOSPI stood at 2235.38, down 2.39% from the previous session. Although institutions engaged in bargain hunting with purchases worth 114.2 billion KRW, the index sharply declined due to foreign investors selling off 64.3 billion KRW and individual investors cutting losses with net sales of 27.2 billion KRW.

Among all listed stocks, only 40 showed an upward trend. Samsung Electronics, the unwavering market leader, recorded 53,600 KRW, showing a decline. SK Hynix, categorized as a semiconductor stock, also fell by 1.20%.

The downturn in the secondary battery sector was even deeper. LG Energy Solution dropped 2.93%, Samsung SDI fell 0.98%, and LG Chem declined 3.97%. Hyundai Motor also widened its losses in the morning, falling 4.46%.

By industry, all sectors except electricity & gas and telecommunications were in the negative. In the electricity & gas sector, only Korea Electric Power Corporation (2.53%) and Incheon City Gas (1.53%) showed gains.

The focus for the KOSDAQ was whether it would stabilize above the 600 level. At this time, it was at 706.85, down 3.09% from the previous day. Foreign and institutional investors bought net amounts of 35 billion KRW and 30.1 billion KRW respectively, but individual investors sold off 59 billion KRW, leading to a decline in the index.

Only 83 KOSDAQ stocks showed an upward trend. Among the top market cap stocks, only Celltrion Healthcare (0.47%) showed gains. EcoPro BM (4.85%) and L&F (5.65%) deepened their losses.

Meanwhile, the USD/KRW exchange rate rose 1.44% from the previous session to 1429.60 KRW per dollar.