KOSPI Falls Below 2360 Due to Foreigners' 'Selling'... KOSDAQ Also Declines

On the 23rd, the status board in the dealing room of Hana Bank's headquarters in Jung-gu, Seoul, displayed the KOSPI and the KRW/USD exchange rate. The KOSPI started at 2370.07, down 0.21%, and fluctuated thereafter. Photo by Jo Yongjun jun21@

The KOSPI index fell below the 2360 level on the 23rd due to net selling by foreigners.

On that day, the KOSPI index closed at 2357.02, down 17.98 points (0.76%) from the previous day. By investor type, institutions and individuals were net buyers of 70.4 billion KRW and 165.3 billion KRW respectively, but foreigners were net sellers of 258.4 billion KRW.

The KOSPI index started at 2369.74, down 5.26 points (0.22%), but showed mixed trends amid a sharp rise in U.S. interest rates and closed with a larger decline. Caution spread ahead of earnings announcements from major companies including big tech, and supply-demand instability caused by an increase in unsettled funds in the stock market also acted as negative factors. However, expectations for economic cooperation with Middle Eastern countries such as Saudi Arabia and Qatar were positive factors.

By sector, most closed lower. Insurance, securities, electrical and electronics, and pharmaceuticals declined. On the other hand, food and beverages, medical precision instruments, transportation equipment, and non-metallic minerals rose. Most market capitalization stocks showed a downward trend. KB Financial fell 2.82%. Kakao, Samsung Life Insurance, Shinhan Financial Group, and Samsung C&T also recorded declines of over 2%. SK Hynix, Samsung SDI, Celltrion, NAVER, and LG Electronics also closed weak. Meanwhile, Kia and Hyundai Motor rose 1.59% and 1.04% respectively, and POSCO Future M increased by 0.5%. LG Chem also showed strength, rising 0.42%.

The KOSDAQ index also closed lower that day. The KOSDAQ index ended at 763.69, down 0.72% from the previous day. By investor type, foreigners and institutions were net buyers of 75.9 billion KRW and 16.7 billion KRW respectively, but individuals were net sellers of 85.5 billion KRW.

Most of the top market capitalization stocks showed a downward trend. POSCO DX fell 3.98%, and EcoPro BM declined 1.07%. EO Technics dropped 3.26%, Celltrion Healthcare 1.42%, and Hugel 0.93%. On the other hand, Top Materials rose 29.85%, Voronoi 9.68%, and Hyundai Bio increased by 8.6%. Silicon투, Clio, KoYoung, and Dongkuk Pharmaceutical also closed strong.

Meanwhile, in the Seoul foreign exchange market, the won/dollar exchange rate closed at 1,353.7 won, up 1.3 won from the previous day.