Ecopro Plummets Over 6% Following Chairman's Arrest... KOSPI Also Closes Lower Amid Domestic and Global Uncertainties

The KOSPI index closed lower due to domestic and international economic uncertainties and supply-demand instability related to options expiration.

On the 11th, the KOSPI index closed at 2491.0, down 5.51 points (0.22%) from the previous day. Trading volume was 625.97 million shares, and the trading value was recorded at 8.8224 trillion won.

[Image source=Yonhap News]

Thanks to the slowdown in the U.S. Consumer Price Index, which led to a rise in the Nasdaq, the KOSPI started the day higher and expanded its gains during the session as institutional and foreign investors bought aggressively. However, concerns over the U.S. debt ceiling, the slowdown in China's April inflation data, supply-demand instability on options expiration day, and the release of secondary battery sales data combined to turn the market downward.

By investor type, institutions and foreigners were net buyers of 84.4 billion won and 2.2 billion won respectively, while individuals were net sellers of 84.5 billion won. In program trading, there was a net purchase of 5 billion won in arbitrage trading and a net sale of 68 billion won in non-arbitrage trading.

Sector performance was mixed. The machinery sector rose 1.05%, construction 1.04%, transportation and warehousing 0.71%, finance 0.71%, telecommunications 0.44%, securities 0.44%, transportation equipment 0.43%, electricity and gas 0.26%, and insurance 0.18% showed strength. On the other hand, medical precision fell 2.74%, food and beverages -0.88%, electrical and electronics -0.84%, and manufacturing -0.43% showed weakness.

Among the top market capitalization stocks, more stocks declined. Samsung Electronics fell 0.62%, LG Energy Solution -2.3%, SK Hynix -0.69%, LG Chem -2.54%, Samsung SDI -0.3%, and Hyundai Motor -0.95%. Meanwhile, Samsung Biologics rose 0.38%, Kia 0.11%, and NAVER 0.48% closed higher.

The KOSDAQ index also started higher but reversed to close lower. The KOSDAQ index closed at 824.54, down 5.2 points (0.63%) from the previous day. By investor type, institutions were net buyers of 132.9 billion won, while foreigners and individuals were net sellers of 56.9 billion won and 64.2 billion won respectively.

Among the top market capitalization stocks, secondary battery companies collectively showed weakness, weighing on the index. On the day, EcoPro BM and EcoPro fell 4.1% and 6.78% respectively. This was interpreted as being influenced by Chairman Lee Dong-chae of EcoPro being sentenced to two years in prison and detained in court in the appellate trial for violating the Capital Markets Act related to insider trading.

LN F also dropped 4.11%. Additionally, HLB, JYP Ent., Celltrion Pharm, and Kakao Games recorded declines around 1%. On the other hand, Celltrion Healthcare closed slightly higher by 0.55%, and Osstem Implant also showed a 0.05% gain.

Meanwhile, in the Seoul foreign exchange market, the won/dollar exchange rate closed at 1326.3 won, up 1.5 won from the previous day.