KOSPI Barely Holds 2600 Level Amid Institutional 'Selling'... KOSDAQ Rises for 8 Consecutive Trading Days ↑

The KOSPI index closed lower as institutions dumped profit-taking sell orders, barely defending the 2600 level.

[Image source=Yonhap News]

On the 20th, the KOSPI index closed at 2600.23, down 8.01 points (0.31%) from the previous trading day. The index started at 2595.38, down 12.86 points (0.49%), dropped to the 2580 level, then reversed to rise to 2611.34. After rising, it turned down again but held the 2600 level. Individuals and foreigners bought about 139 billion KRW and 97.5 billion KRW respectively, while institutions sold about 257.3 billion KRW.

Among the top market capitalization stocks, most showed declines, with the drop in secondary battery stocks standing out. POSCO Future M fell more than 3%, followed by Kia (-1.98%), Samsung SDI (-1.44%), Samsung Electronics (-0.98%), Hyundai Motor (-0.74%), LG Energy Solution (-0.71%), Samsung Biologics (-0.54%), SK Hynix (-0.51%), POSCO Holdings (-0.40%), and LG Chem (-0.29%).

By sector, transportation equipment (-1.20%), electrical and electronics (-0.86%), insurance (-0.62%), and manufacturing (-0.61%) showed weakness. In contrast, transportation and warehousing (2.69%), medical precision (1.60%), non-metallic minerals (0.74%), and paper and wood (0.69%) rose.

On the day, the USD/KRW exchange rate rose 4.3 won from the previous day to 1269.9 won.

The KOSDAQ index closed at 931.60, up 7.88 points (0.85%) from the previous session. The index started at 918.27, down 5.45 points (0.59%), then reversed to rise above the 930 level. Individuals and institutions net bought about 27.8 billion KRW and 54.9 billion KRW respectively, while foreigners net sold about 64.1 billion KRW.

Among the top market capitalization stocks, POSCO DX, which is expected to report strong Q3 earnings this year, surged more than 16%. It was followed by HLB (9.84%), JYP Ent. (3.81%), Pearl Abyss (2.83%), HPSP (1.83%), EcoPro BM (0.42%), and Celltrion Pharm (0.12%). EcoPro fell 3.04%, and L&F and Celltrion Healthcare also declined by 1.97% and 0.31%, respectively.

Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "The domestic stock market started lower, but the KOSDAQ index rose for the eighth consecutive trading day. Secondary battery stocks, which had led the rise until the previous day, showed weakness due to profit-taking, but the strength in entertainment and semiconductor stocks supported the KOSDAQ's rise."