Foreigners Selling Again... KOSPI Falls Below 2600 Level

KOSDAQ Continues Downtrend
Samsung Electronics and SK Hynix Fall by 2-3%

The KOSPI index fell below the 2600 mark during the session as foreign investors turned to selling just one day after a rebound.

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@

As of 9:35 a.m. that day, the KOSPI stood at 2590.02, down 44.68 points (-1.70%) from the previous trading day. The index opened at 2600.69, down 34.01 points (1.20%) from the previous day, but the decline deepened, eventually falling below the 2600 level.

This is interpreted as increased market caution following remarks from U.S. Federal Reserve (Fed) officials suggesting a delay in interest rate cuts and the possibility of rate hikes if necessary. In the Seoul foreign exchange market that day, the Korean won traded at 1381.0 won against the U.S. dollar, up 8.1 won from the previous day.

In the stock market, foreign investors and institutions showed net selling of 58.7 billion won and 292.5 billion won, respectively, while individual investors were net buyers with 336.7 billion won.

Among the top market capitalization stocks, Samsung Electronics was trading at 76,500 won, down more than 2%, and SK Hynix was down more than 3%. LG Chem (-2.77%), LG Energy Solution (-2.39%), Celltrion (-1.64%), and POSCO Holdings (-1.28%) were also declining.

At the same time, the KOSDAQ index was at 844.06, down 11.59 points (-1.35%) from the previous trading day. The index opened at 849.99, down 5.66 points (0.66%) from the previous close, and continued to decline throughout the session.

In the KOSDAQ market, foreign investors sold 120.1 billion won and institutions sold 30.2 billion won, while individual investors were net buyers with 156.9 billion won.

Most of the top market capitalization stocks were declining. Ecopro BM (-1.75%), Alteogen (-1.76%), Enchem (-4.44%), Soulbrain (-1.82%), Celltrion Pharm (-2.18%), and Samchundang Pharm (-1.06%) were among those falling.