KOSDAQ Closes Lower at 807.19
Mixed Performance Among Large-Cap Stocks as Foreign and Institutional Investors Lead Net Selling
On August 12, the KOSPI closed below the 3,200 mark, pressured by net selling from institutional and foreign investors.
On this day, the KOSPI index ended trading at 3,189.91, down 0.53% from the previous trading day. Although the index reached as high as 3,242.17 in early trading, it closed lower as foreign and institutional investors switched to net selling.
In the KOSPI market, foreign investors and institutions recorded net sales of 59.4 billion won and 97.3 billion won, respectively, while individual investors made net purchases totaling 62.8 billion won.
On the 12th, an employee is working in the dealing room of Hana Bank in Jung-gu, Seoul. On that day, the KOSPI closed at 3189.91, down 16.86 points (0.53%) from the previous trading day, and the KOSDAQ closed at 807.19, down 4.66 points (0.57%) from the previous trading day. Yonhap News
The decline in the index is believed to have been driven by the presidential office's statement regarding the controversy over tightening the major shareholder criteria for stock capital gains tax, saying that its position to "continue monitoring coordination between the party and the government remains unchanged."
Last month, the government announced in its proposed tax law revision for next year that it would lower the threshold for major shareholders subject to the stock capital gains tax from the current 5 billion won to 1 billion won.
Afterward, even among Democratic Party lawmakers such as Lee Soyoung, concerns were raised that changing the major shareholder criteria could undermine President Lee Jaemyung's national policy goal of achieving a 'KOSPI index of 5,000.'
Among KOSPI large-cap stocks, performance was mixed. Samsung Electronics (up 0.14%) and SK Hynix (up 0.75%) closed higher, buoyed by Micron's raised earnings guidance. However, LG Energy Solution (down 0.13%), Samsung Biologics (down 1.07%), Hanwha Aerospace (down 3.30%), Doosan Enerbility (down 5.62%), and HD Hyundai Heavy Industries (down 1.83%) all declined.
By sector, declines were notable in entertainment and culture (down 1.82%), medical precision instruments (down 1.55%), chemicals (down 1.43%), construction (down 1.25%), retail (down 1.22%), and transportation equipment and parts (down 1.09%). In contrast, securities (up 1.94%), telecommunications (up 0.79%), transportation and storage (up 0.44%), and insurance (up 0.44%) rose.
The KOSDAQ index also closed at 807.19, down 0.57% from the previous trading day. In the KOSDAQ market, foreign investors and institutions posted net sales of 7 billion won and 3.1 billion won, respectively, while individual investors recorded net purchases of 14.7 billion won.
Among KOSDAQ large-cap stocks, performance was also mixed.
EcoPro surged by 4.77%, and EcoPro BM rose by 0.6%.
Alteogen and Peptron climbed by 1.05% and 1.83%, respectively, while PharmaResearch and LIG ChemBio fell by 1.62% and 1.07%, respectively.
In the Seoul foreign exchange market, the won-dollar exchange rate was trading at 1,389.8 won per dollar, down 0.7 won (0.05%) from the previous day.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
