Amid a series of weakening employment signals in the United States, foreign investors' risk aversion sentiment has strengthened, causing the KOSPI index to decline on the 6th.
As of 10:02 a.m. that day, the KOSPI was trading at 2,543.53, down 31.97 points (1.24%) from the previous day. The KOSPI index opened at 2,576.66, up 1.16 points (0.05%), but soon turned downward. Currently, foreigners have sold 89.7 billion KRW worth of stocks, while institutions and individuals are net buying 62 billion KRW and 39.9 billion KRW worth, respectively.
Employees are working in the dealing room at the Seoul Hana Bank headquarters. Photo by Huh Younghan younghan@
Among the top market capitalization stocks, Hyundai Mobis (0.95%) and Shinhan Financial Group (0.89%) are showing gains. Most stocks are in decline, including Samsung SDI (-4.65%), POSCO Future M (-3.84%), Samsung C&T (-3.47%), LG Chem (-2.80%), POSCO Holdings (-2.77%), and SK Hynix (-2.51%).
By sector, only telecommunications (0.75%) is on the rise. Most sectors are down, including medical precision (-3.13%), distribution (-2.75%), electric and gas utilities (-2.67%), machinery (-2.41%), textiles and apparel (-2.30%), and insurance (-2.00%).
On the 5th (local time) in the New York stock market, the blue-chip-focused Dow Jones Industrial Average closed at 40,755.75, down 219.22 points (0.54%) from the previous trading day. The large-cap-focused S&P 500 index fell 16.66 points (0.3%) to 5,503.41, while the tech-heavy Nasdaq index rose 43.37 points (0.25%) to close at 17,127.66.
In the U.S., a large number of labor market indicators were released, and the U.S. stock market weighed more on weakening signals than improvements, showing weakness throughout the session. The number of layoffs in the private sector last month increased by 193% compared to the previous month, marking the highest figure since 2009 except for the crash caused by COVID-19 in 2020. The ADP employment report recorded 99,000 jobs, significantly below expectations and the lowest since January 2021.
At the same time, the KOSDAQ index recorded 708.83, down 16.45 points (2.27%) from the previous session. The index opened at 725.88, up 0.60 points (0.08%), but soon plunged into a downtrend. Foreigners and institutions net sold 48 billion KRW and 13.9 billion KRW worth, respectively. Individuals bought 61 billion KRW worth.
Among the top market capitalization stocks, Pearl Abyss (1.96%), Classys (1.36%), Pharma Research (1.18%), and Hugel (0.42%) are rising. Stocks such as Samchundang Pharmaceutical (-7.97%), Enchem (-6.06%), EO Technics (-5.36%), Ligand Chem Bio (-4.88%), Silicon2U (-4.33%), Alteogen (-4.23%), and HPSP (-3.56%) are declining.
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