On the 24th, the KOSPI index opened at 2693.65, down 28.16 points (1.03%) from the previous trading day, as dealers were working in the Hana Bank dealing room in Jung-gu, Seoul. The won-dollar exchange rate started trading at 1369 won, up 6.6 won from the previous trading day. Photo by Kang Jin-hyung aymsdream@
The KOSPI index closed lower due to a decline in expectations for a U.S. interest rate cut.
On the 24th, the KOSPI index closed at 2,687.6, down 34.21 points (1.26%) from the previous day. The trading volume for the day was 491.34 million shares, and the trading value was tentatively estimated at 12.0167 trillion won.
The KOSPI index started weak influenced by the previous day’s New York stock market closing lower due to strong economic indicators and the hawkish tone of the May U.S. Federal Open Market Committee (FOMC) minutes. Afterwards, net selling by institutions and foreigners intensified, widening the decline.
By investor type, institutions and foreigners net sold 853.2 billion won and 382.6 billion won respectively, while individuals net bought 1.2397 trillion won. Program trading saw net selling of 173.9 billion won in arbitrage trading and 497.7 billion won in non-arbitrage trading.
By sector, most closed lower. The medical precision sector fell 2.12%, followed by electrical and electronics -2.0%, pharmaceuticals -1.93%, insurance -1.74%, securities -1.56%, electricity and gas -1.51%, manufacturing -1.48%, distribution -1.31%, chemicals -1.18%, and steel and metals -0.98%. In contrast, food and beverages rose 2.14%, and machinery increased by 0.54%.
Most of the top market capitalization stocks closed lower. Samsung Electronics dropped 3.07%, SK Hynix -0.7%, LG Energy Solution -1.66%, Hyundai Motor -1.47%, Samsung Biologics -2.47%, Kia -0.41%, Celltrion -1.96%, POSCO Holdings -1.55%, and KB Financial Group -0.52%. LG Chem closed flat.
The KOSDAQ index also closed lower on the day. The KOSDAQ index ended at 839.41, down 7.17 points (0.85%) from the previous day. By investor type, institutions and foreigners net sold 3 billion won and 6.4 billion won respectively, while individuals net bought 32.5 billion won.
The top market capitalization stocks showed mixed movements. EcoPro BM and EcoPro fell 3.11% and 2.89% respectively, while Rino Industrial -2.42%, Celltrion Pharm -1.29%, Rainbow Robotics -1.75%, and HPSP -7.07% also declined. On the other hand, Alteogen rose 3.87%, HLB 4.11%, Enchem 2.63%, and Classys 0.1% closed higher.
Meanwhile, in the Seoul foreign exchange market, the won/dollar exchange rate closed at 1,369.5 won, up 7.1 won.
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