The KOSPI opened higher following the passage of the impeachment motion. However, it is giving up its gains due to simultaneous net selling by foreigners and institutions.
As of 9:34 a.m. on the 16th, the KOSPI stood at 2,502.96, up 8.50 points (0.34%) from the previous trading day.
On the 14th of this month, the National Assembly plenary session passed the impeachment motion against President Yoon Seok-yeol. All 300 members of the assembly were present. The vote was 204 in favor, 85 against, 3 abstentions, and 8 invalid votes. This is the third time in constitutional history that an impeachment motion against a sitting president has been passed. The first was former President Roh Moo-hyun in 2004, followed by former President Park Geun-hye in 2016.
The securities industry expects political uncertainty to ease following the passage of the impeachment motion. On this expectation, the KOSPI opened at 2,511.08, up 16.62 points from the previous trading day. It rose as much as 0.85% early in the session, surpassing the 2,515 level. However, foreigners and institutions engaged in simultaneous net selling, erasing the gains.
By investor type, foreigners and institutions net sold 145.2 billion KRW and 11.3 billion KRW, respectively. Meanwhile, individuals net bought 145.8 billion KRW.
By sector, telecommunications rose 1.79%, while machinery equipment and medical precision sectors jumped more than 1%. Conversely, textiles and apparel, transportation equipment, and warehousing sectors declined slightly.
Among the top market capitalization stocks, Samsung Electronics traded at 56,600 KRW, up 500 KRW (0.89%) from the previous day. NAVER and SK Hynix rose 3.33% and 2.34%, respectively, while KB Financial Group, Shinhan Financial Group, and Celltrion gained more than 1%. On the other hand, Hyundai Motor, Korea Zinc, and Hyundai Mobis showed slight declines.
At the same time, the KOSDAQ recorded 697.20, up 3.47 points (0.50%) from the previous trading day.
By investor type, foreigners and institutions net sold 71.9 billion KRW and 36.0 billion KRW, respectively. Meanwhile, individuals net bought 113.2 billion KRW.
By sector, machinery equipment, non-metallic minerals, metals, chemicals, pharmaceuticals, electrical and electronics, and other manufacturing sectors rose more than 1%. Conversely, publishing media fell more than 2%.
Among the top market capitalization stocks, Alteogen traded at 318,500 KRW, up 1,500 KRW (0.47%) from the previous day. Pharma Research and Peptron rose more than 5%, and Celltrion Pharm is also up 4.13%. On the other hand, JYP Ent. fell 2.02%, while Hugel and Lino Industrial dropped more than 1%.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
