KOSPI Reverses to Intraday Decline... Falls Below 2600 Level

On the 17th, the status board in the dealing room of Hana Bank's headquarters in Jung-gu, Seoul, displayed the KOSPI, KOSDAQ indices, and the KRW/USD exchange rate. On that day, the KOSPI opened at 619.15, up 9.52 points (0.36%) from the previous session, and the KOSDAQ index started at 839.3, rising 6.49 points (0.78%) from the previous trading day. The KRW/USD exchange rate began at 1,390.0 won, down 4.5 won from the previous day. Photo by Jo Yongjun jun21@

The KOSPI index turned to a downward trend during the session.

As of 10:16 a.m. on the 17th, the KOSPI index was trading at 2,598.05, down 0.44% from the previous day.

The New York stock market showed mixed results the previous day amid rising concerns over a possible delay in U.S. interest rate cuts and geopolitical tensions in the Middle East. The KOSPI index started the day in a slightly positive range due to bargain buying following the sharp drop the day before, but it is giving up gains under pressure from net selling by institutions and foreigners.

By investor type, institutions and foreigners are net sellers of 64.7 billion KRW and 49 billion KRW respectively, while individuals are net buyers of 104.2 billion KRW. In the futures market, institutions and individuals are net buyers of 70.9 billion KRW and 94.1 billion KRW respectively, whereas foreigners are net sellers of 172.3 billion KRW, weighing on the index.

More sectors are declining than rising. The insurance sector is down 1.3%, and transportation equipment, distribution, telecommunications, and electric and gas utilities are all showing weakness around 1%. Financials, pharmaceuticals, and securities are also weak. On the other hand, the textile and apparel sector is up 1.86%, with food and beverages, chemicals, medical precision instruments, and paper and wood also showing gains.

Top market capitalization stocks show mixed movements. Samsung Electronics is down 0.38%, Samsung Biologics -0.51%, Hyundai Motor -2.27%, Kia -1.22%, Celltrion -0.58%, and POSCO Holdings -0.53%, all weak. Conversely, SK Hynix is up 0.28%, LG Energy Solution 0.68%, NAVER 0.45%, and LG Chem 0.13%, showing gains.

The KOSDAQ index is showing stronger performance compared to the KOSPI. At the same time, the KOSDAQ index is trading at 836.65, up 0.48% from the previous day. By investor type, institutions and individuals are net buyers of 28 billion KRW and 18.2 billion KRW respectively, while foreigners are net sellers of 36.5 billion KRW.

Top market capitalization stocks on KOSDAQ also show mixed results. EcoPro BM is up 0.23%, Rino Industrial 2.1%, HPSP 1.46%, and Rainbow Robotics 1.51%, all strong. Meanwhile, HLB is down 2.31%, Alteogen -3.62%, Enchem -3.92%, and Celltrion Pharm -0.67%, all weak.

Meanwhile, in the Seoul foreign exchange market, the won/dollar exchange rate is trading at 1,389.3 won, down 5.2 won from the previous day.