KOSPI Starts Down but Turns Up... Foreign Investors Expand 'Buying'

Employees are working in the dealing room of Hana Bank in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] The KOSPI started lower on the 19th but then turned to rise. The domestic market opened lower following the decline in the US stock market, which was influenced by the Federal Reserve (Fed) mentioning the possibility of an economic recession in its Beige Book. However, the index rebounded as foreign investors expanded their buying spree in the KOSPI market.

As of 10:42 AM on the 19th, the KOSPI was trading at 2,371.33, up 0.13% (3.01 points) from the previous day. The KOSPI opened at 2,354.56, down 0.58% (13.76 points) earlier that day.

The index turned to an upward trend as foreign investors increased their buying during the morning. Foreigners alone are net buying worth 220.6 billion KRW. Meanwhile, individual and institutional investors are net selling 55.8 billion KRW and 166 billion KRW, respectively. In the futures market, foreigners and individuals are buying 36 billion KRW and 558.2 billion KRW, respectively, while institutions are selling 593.8 billion KRW.

Among the top 10 stocks by market capitalization, only Samsung Electronics +0.83%, SK Hynix +0.12%, Samsung Biologics +0.88%, and LG Chem +0.82% are on the rise. On the other hand, LG Energy Solution is down 1.64%, marking the largest decline.

As of 10:52 AM, the KOSDAQ index was trading at 709.64, down 0.30% (2.11 points) from the previous day. The KOSDAQ opened at 707.66, down 0.57% (4.09 points). Foreign and institutional investors are net selling 71.3 billion KRW and 54.1 billion KRW, respectively, dragging the index down. Meanwhile, individual investors are net buying 131.5 billion KRW alone.

Among the top 10 stocks by market capitalization, only Celltrion Healthcare +0.52% and Celltrion Pharm +0.77% are rising. L&F is down 3.04%, EcoPro -2.61%, Pearl Abyss -1.35%, and EcoPro BM -1.11%, in descending order of decline.