KOSPI Starts Lower, Declines Over 1% Amid Selling Pressure from Institutions and Foreigners...

[Asia Economy Reporter Kwon Jaehee] As of 10:38 AM today, the KOSPI index is trading at 2408.59, down 1.20% (29.27 points) from the previous trading day. The index opened the session at 2425.05, down 0.53% (12.81 points) from the previous day, and has since widened its losses.

By investor type, foreigners and institutions are selling stocks worth 202.1 billion KRW and 141.8 billion KRW respectively, dragging the index down. In contrast, individual investors are defending the market by purchasing stocks worth 328.4 billion KRW alone.

Among the top 10 KOSPI market capitalization stocks, all except LG Energy Solution (0.70%) and LG Chem (0.55%) are declining. These include Samsung Electronics (-1.97%), Samsung Biologics (-1.44%), SK Hynix (-2.35%), Samsung SDI (-0.14%), Samsung Electronics Preferred (-1.62%), Hyundai Motor (-0.30%), NAVER (-1.89%), and Kia (-0.76%).

By sector, all sectors except Non-metallic Minerals (0.20%) are falling. The declines are led by Construction (-2.33%), Transportation & Warehousing (-1.69%), Services (-1.65%), Machinery (-1.59%), Securities (-1.49%), and Food & Beverage (-1.43%).

At the same time, the KOSDAQ index is trading at 720.67, down 1.76% (12.89 points) from the previous trading day. The KOSDAQ opened at 731.81, down 0.24% (1.75 points) from the previous day.

By investor type, individual investors are again the sole net buyers with purchases worth 159 billion KRW, while foreigners and institutions sold stocks worth 102.8 billion KRW and 51.9 billion KRW respectively.

Among the top 10 market capitalization stocks on KOSDAQ, all except L&F (1.78%) and EcoPro (2.15%) are declining. These include EcoPro BM (-1.23%), Celltrion Healthcare (-0.62%), HLB (-4.94%), Kakao Games (-3.03%), Pearl Abyss (-3.07%), Rino Industries (-1.45%), Celltrion Pharm (-1.81%), and Chunbo (-0.29%).

All sectors on KOSDAQ are uniformly declining. The sectors include Digital Content (-4.09%), Telecommunication Services (-2.89%), IT Software (-2.78%), Semiconductors (-2.63%), Computer Services (-2.48%), and Transportation Equipment & Parts (-2.46%).

Seo Sangyoung, Head of Media Content at Mirae Asset Securities, analyzed, "In the US stock market, Apple-related stocks showed weakness due to news of reduced product shipments amid the spread of COVID-19 in China, which is a burden on our stock market as well. The Philadelphia Semiconductor Index falling 1.26% will also negatively impact our market."