On the 24th, the KOSPI index, which started slightly lower, closed down amid heavy selling by institutional investors during the session.
On that day, the KOSPI index closed at 2414.96, down 0.39% (9.52 points) from the previous session. The index opened at 2421.27, down 0.13% (3.21 points) from the previous close, dropped to as low as 2399.49 during the session, but then recovered to the 2410 level.
In the securities market that day, institutions sold a net 232.4 billion KRW worth of stocks, pulling the index down. In contrast, individual and foreign investors bought stocks worth 181.5 billion KRW and 41.8 billion KRW, respectively.
The KOSPI appeared to be digesting the results of the previous day’s regular meeting of the U.S. Federal Open Market Committee (FOMC).
With investment sentiment weakened due to rapidly spreading financial market concerns this month, profit-taking selling pressure on large-cap stocks that rose the previous day is interpreted as having exerted downward pressure on the index.
Lee Kyung-min, a researcher at Daishin Securities, said, "Next week, attention will be focused on U.S. income and consumption indicators and the Personal Consumption Expenditures (PCE) price index," adding, "There is a possibility of inflation reigniting, and in that case, the relief and expectations regarding a 'no landing' (economic soft landing) could turn into anxiety about monetary policy."
Among the top 10 KOSPI stocks by market capitalization, all stocks except Samsung Electronics (1.12%) and Samsung Electronics Preferred (0.19%) closed lower. These include LG Energy Solution (-1.04%), SK Hynix (-1.36%), Samsung Biologics (-0.13%), Samsung SDI (-3.62%), LG Chem (-3.09%), Hyundai Motor (-1.55%), NAVER (-0.74%), and Kia (-1.02%).
By sector, machinery (1.63%), precision medical instruments (1.62%), and textiles and apparel (1.22%) closed higher, while insurance (-2.38%), steel and metals (-1.74%), finance (-1.58%), and transportation equipment (-1.36%) closed lower.
Among the top 10 KOSDAQ stocks by market capitalization, EcoPro (0.22%), L&F (7.20%), Kakao Games (0.49%), and Pearl Abyss (8.44%) closed higher, while EcoPro BM (-0.85%), Celltrion Healthcare (-1.71%), HLB (-3.59%), Celltrion Pharm (-0.54%), Osstem Implant (-0.05%), and Rainbow Robotics (-2.73%) closed lower.
Most sectors in KOSDAQ closed higher. The order was semiconductors (4.63%), IT components (4.28%), IT hardware (4.23%), other manufacturing (3.87%), non-metallic minerals (3.13%), telecommunications equipment (2.76%), computer services (2.57%), digital content (2.56%), entertainment culture (2.32%), and textiles and apparel (2.15%).
During the day, the trading value on the securities market and KOSDAQ market was recorded at 8.8644 trillion KRW and 13.5216 trillion KRW, respectively.
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