[Asia Economy Reporter Ji Yeon-jin] On the 25th, the KOSPI index is fluctuating around the 2440 level. Amid expectations that countries will slow down the pace of tightening, including the European Central Bank (ECB) mentioning a moderation in tightening speed, the selling pressure from foreigners is easing, and a wait-and-see stance continues.
As of 10 a.m. on the day, the KOSPI recorded 2441.68, up 0.35 points (0%) from the previous day. The KOSPI, which started slightly higher, turned weak shortly after the opening and is engaged in a battle around the 2440 level.
Individuals, who were dominant buyers in the early session, are net selling about 24.8 billion KRW, while foreign net selling has slightly decreased to 12.3 billion KRW. Only institutions are net buying about 25.1 billion KRW.
With the U.S. stock market closed for the Thanksgiving holiday the previous day, the ECB’s mention of the need to moderate the pace of tightening had a positive impact on the market.
In the KOSPI market, 534 stocks are rising and 495 stocks are falling, indicating a favorable atmosphere. The securities sector is weak, with Kiwoom Securities falling more than 3%, and pharmaceutical and internet-related stocks are also declining. On the other hand, steel, medical precision, and electric gas sectors are mostly rising.
Among the top market capitalization stocks, LG Energy Solution, Samsung Biologics, LG Chem, Samsung SDI, NAVER, and Kia have turned upward, while Hyundai Motor is steady. Conversely, Samsung Electronics, SK Hynix, and Kakao are showing weakness.
The KOSDAQ index is trading at 735.46, down 2.76 points (0.37%). Individuals are net buying about 44.8 billion KRW, but foreigners and institutions are net selling approximately 32.4 billion KRW and 7.9 billion KRW, respectively.
Among the top market capitalization stocks on KOSDAQ, second battery stocks such as EcoPro BM, EcoPro, and L&F are strong. Rino Industrial and Cheonbo also rebounded after slight declines in the early session. WEMADE, a KOSDAQ-listed company, hit the lower limit due to the news of the delisting of its self-issued coin WEMIX from domestic virtual exchanges the previous day, and Kakao Games recorded a 2% decline. Pearl Abyss fell more than 1%, and Celltrion Healthcare, HLB, and Celltrion Pharm are also declining.
Seo Sang-young, a researcher at Mirae Asset Securities, said, "It is also necessary to pay attention to the recent announcement at the Chinese State Council executive meeting about strengthening stimulus measures for economic stability and timely reserve requirement ratio (RRR) cuts." He added, "The People’s Bank of China generally announces RRR cuts within a few days after such announcements by the State Council, so RRR cuts are expected as early as today or by December at the latest."
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