Mass Sell-off by Individual Investors, Foreigners and Institutions Buy
Strength in Machinery and Insurance Sectors, Weakness in Services and Steel
HLB Rebounds 15% After 'FDA Approval Failure'
The KOSPI closed slightly lower.
On the 28th, the KOSPI index closed at 2722.85, down 0.14 points (0.01%) from the previous trading day. The KOSPI index started at 2715.52, down 7.47 points from the previous day, but buying momentum flowed in after the opening, pushing the index above the previous day's closing price (2722.99) and reversing to an upward trend. It reached a high of 2730.12. However, buying momentum decreased in the afternoon, and it finished slightly lower.
By investor type, foreigners bought 45.4 billion KRW, and institutions purchased 111.4 billion KRW. On the other hand, individuals were net sellers with 145.5 billion KRW.
By sector, machinery (2.02%) and insurance (1.54%) showed strength. Food and beverages (0.81%), which have been performing well recently, showed the next highest gains. Service (-1.68%), steel and metals (-1.38%), and distribution (-1.06%) sectors were weak.
Among the top 10 market capitalization stocks, Samsung Electronics (0.52%), SK Hynix (0.50%), Celltrion (0.72%), and KB Financial Group (1.05%) rose. The rest closed lower. LG Energy Solution (-1.23%), Samsung Biologics (-1.32%), and POSCO Holdings (-1.42%) all fell more than 1%.
Lee Jaewon, a researcher at Shinhan Investment Corp., said, "Despite Samsung Electronics' rebound, the U.S. stock market holiday led to a wait-and-see stance. Although the scale of buying was not large, sectors with valid earnings momentum rose."
The KOSDAQ index closed at 851.01, up 3.02 points (0.36%).
By investor type, individuals were net buyers with 98.8 billion KRW, foreigners bought 6.7 billion KRW, and institutions sold 98.8 billion KRW.
790 stocks closed higher, 739 stocks closed lower, and 115 stocks were unchanged. Among the top market cap stocks, HLB, which had been stagnant after failing to obtain U.S. Food and Drug Administration (FDA) approval, rose double digits (15.12%) for the first time in a while. HPSP (6.86%), Soulbrain (11.35%), and Silicon투 (7.01%) also showed good momentum. On the other hand, most entertainment stocks that surged the previous day due to signs of lifting the 'Hanhanryeong' (THAAD-related restrictions) gave back their gains. SM Entertainment (-5.32%), JYP Ent. (-2.81%), CJ ENM (-1.43%), and YG Entertainment (-3.05%) all declined.
The won-dollar exchange rate closed at 1358.5 won, down 5.3 won from the previous trading day.
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