KOSPI and KOSDAQ Start Lower... Turn Slightly Upward on Institutional Net Buying

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] On the 29th, the KOSPI and KOSDAQ started lower. The two major indices have been battling, reversing gains and then falling again.

As of 9:27 a.m., the KOSPI is at 2410.18, up 0.08% (1.91 points) from the previous day. The KOSPI opened down 0.11% (2.73 points) at 2405.54 but has been fluctuating since.

Foreign investors and individuals are net sellers of 48.6 billion KRW and 1.8 billion KRW respectively. Institutions are net buyers of 51.1 billion KRW. Individuals showed buying momentum right after the market opened but switched to selling. Foreigners are buying 158 billion KRW worth in the futures market.

Among the top market cap stocks, only Hyundai Motor and POSCO Holdings are unchanged. Samsung Electronics is down 0.17%, Samsung Biologics -0.68%, LG Chem -1.11%, Samsung SDI -1.51%. On the other hand, LG Energy Solution is up 0.36%, SK Hynix +0.60%, Naver +0.28%, Kia +0.61%.

As of 9:40 a.m., the KOSDAQ is at 720.28, up 0.33% (2.38 points) from the previous day. The KOSDAQ opened down 0.40% at 715.02.

For KOSDAQ, individuals and foreigners are net buyers of 1.4 billion KRW and 17 billion KRW respectively, while institutions are net sellers of 15.1 billion KRW.

Most of the top market cap stocks on KOSDAQ are rising. Only HLB is down 1.81%, Lino Industrial -0.58%, and Chunbo -0.04%. EcoPro leads with a 2.23% increase, followed by Celltrion Healthcare +1.10%, Celltrion Pharm +0.78%, L&F +0.66%, Kakao Games +0.60%, Pearl Abyss +0.23%, and EcoPro BM +0.18%.

Seo Sang-young, a researcher at Mirae Asset Securities, said, "The U.S. stock market declined due to concerns over economic slowdown caused by the spread of COVID-19 in China, which is expected to negatively impact the Korean stock market," adding, "Rebound buying will flow mainly into large-cap stocks."