KOSPI Closes Below 2,590 for Second Consecutive Session

KOSDAQ Ends Slightly Lower

On May 23, the KOSPI closed lower at the 2,590 level due to selling by foreign and institutional investors. The KOSDAQ also ended trading slightly weaker.

Yonhap News

On this day, the KOSPI finished at 2,592.09, down 0.06% from the previous trading day. The index opened at 2,603.57, up 0.38% from the previous session, but fluctuated throughout the afternoon before continuing its decline toward the end of trading. Foreign investors and institutions sold 56.8 billion won and 103.9 billion won, respectively, while individual investors made a net purchase of 133.9 billion won.

By industry, construction rose the most with a gain of 7.11%, followed by electricity and gas (3.25%), machinery and equipment (2.79%), insurance (2.65%), finance (1.39%), textiles and apparel (1.32%), distribution (1.00%), and securities (0.59%). In contrast, pharmaceuticals (-3.46%), medical and precision instruments (-1.82%), telecommunications (-1.17%), IT services and manufacturing (-0.65%), and electrical and electronics (-0.42%) declined.

Among the top 10 stocks by market capitalization, except for SK Hynix (1.57%) and KB Financial Group (2.38%), all others fell, including Samsung Electronics (-0.91%), Samsung Biologics (-5.93%), LG Energy Solution (-2.37%), Hanwha Aerospace (-0.36%), Hyundai Motor (-1.37%), Kia (-2.35%), and HD Hyundai Heavy Industries (-1.27%).

On the same day, the KOSDAQ closed at 715.98, down 0.24% from the previous session. Like the KOSPI, it opened higher at 720.50, up 0.39% from the previous day, but soon turned downward and remained mostly in decline throughout the session. Foreign investors alone sold 28.6 billion won, while individuals and institutions made net purchases of 40.7 billion won and 23.8 billion won, respectively.

By industry, metals (2.07%), textiles and apparel (1.08%), distribution (0.63%), construction (0.46%), IT services (0.11%), medical and precision instruments (0.07%), and pharmaceuticals (0.03%) rose, while finance (-2.06%), electrical and electronics (-1.17%), chemicals (-1.05%), manufacturing (-0.38%), and food, beverages, and tobacco (-0.34%) declined.

Among the top market cap stocks, Peptron (5.01%), PharmaResearch (2.16%), Hugel (0.98%), and Classys (1.37%) gained, while Alteogen (-0.15%), Ecopro BM (-4.57%), Ecopro (-4.84%), Rainbow Robotics (-0.56%), and LIG ChemBio (-0.18%) declined.

Next week, the stock market will digest the Monetary Policy Committee, the release of the US Federal Open Market Committee (FOMC) minutes, Nvidia's earnings, and the US Personal Consumption Expenditures (PCE) price index announcement.

Kim Jiwon, a researcher at KB Securities, said, "Although the sharp rise in US interest rates has subsided, unstable investor sentiment was reflected, resulting in a slight decline in the domestic stock market today." She added, "The domestic market may show a wait-and-see attitude ahead of the presidential election, and a calm response is needed for the time being."