KOSPI and KOSDAQ Both Weaken... Foreigners and Institutions 'Sell Off'

[Asia Economy Reporter Kwon Jaehee] On the 10th, both the KOSPI and KOSDAQ indices started lower. This is interpreted as being influenced by the previous day's decline in the three major New York indices and downward pressure on corporate credit ratings.

As of 9:10 AM, the KOSPI index was trading at 2468.02, down 0.52% (13.50 points) from the previous trading day. The index opened the session at 2470.65, down 0.44% (10.87 points).

By investor type, foreigners and institutions sold stocks worth 38.6 billion KRW and 114 billion KRW respectively, while individual investors alone bought stocks worth 150.9 billion KRW.

All of the top 10 KOSPI market capitalization stocks were down. These include Samsung Electronics (-0.48%), LG Energy Solution (-1.64%), SK Hynix (-0.21%), Samsung Biologics (-1.23%), Samsung SDI (-2.03%), LG Chem (-1.32%), Samsung Electronics Preferred (-0.70%), NAVER (-1.96%), Hyundai Motor (-0.23%), and Kakao (-3.10%).

[Image source=Yonhap News]

By sector, financials (0.44%), insurance (0.40%), and construction (0.26%) rose, while non-metallic minerals (-2.18%), pharmaceuticals (-1.23%), services (-1.22%), machinery (-1.06%), steel and metals (-0.93%), and telecommunications (-0.92%) declined.

At the same time, the KOSDAQ index was at 778.61, down 0.76% (5.96 points) from the previous trading day. The KOSDAQ opened at 783.07, down 0.19% (1.51 points).

By investor type, foreigners and institutions also sold stocks worth 55.3 billion KRW and 25.7 billion KRW respectively, while individual investors alone bought stocks worth 84.1 billion KRW.

Among the top market capitalization stocks on KOSDAQ, HYBE recorded a 12.08% increase following news that it acquired shares from Lee Soo-man, the founder and major shareholder of SM Entertainment. Other stocks such as JYP Ent. (2.34%) and Osstem Implant (0.21%) also rose. Meanwhile, Celltrion Healthcare (-1.84%), L&F (-0.22%), EcoPro (-2.62%), Kakao Games (-1.95%), HLB (-1.80%), and Pearl Abyss (-1.97%) declined. EcoPro BM remained unchanged.

By sector, the entertainment and culture sector rose 1.99%, while all other sectors including computer services (-2.68%), telecommunications services (-2.66%), and software (-2.42%) recorded declines.