KOSPI Starts at 1722 with a 6% Drop... KOSDAQ Also Plunges Early (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The global stock market downturn caused by the spread of the novel coronavirus infection (COVID-19) and the sharp drop in international oil prices has directly impacted the domestic market as well. From the early trading session, the KOSPI fell more than 6%, breaking below the 1700 level, while the KOSDAQ dropped over 8%, triggering a temporary suspension of program sell order effectiveness (sidecar) measures.

According to the Korea Exchange on the 13th, the KOSPI opened at 1722.68, down 6.09% (111.65 points) from the previous day. It fell below the 1700 mark within two minutes. As of 9:20 a.m., it stood at 1717.33.

In the securities market, individual investors were net buyers of 100.8 billion KRW. Foreigners and institutions were net sellers of 31.7 billion KRW and 71.9 billion KRW, respectively.

All sectors experienced sharp declines. The machinery sector saw the largest drop at 9.26%. This was followed by banks (9.23%), medical precision (8.48%), textiles and apparel (8.47%), and transportation equipment (8.33%).

All of the top 10 market capitalization stocks also fell. Hyundai Motor Company dropped the most at 8.21%, followed by NAVER (9.11%), SK Hynix (6.88%), LG Chem (6.73%), Samsung C&T Corporation (6.47%), and Samsung Electronics (6.00%).

The KOSDAQ experienced an even larger decline. It opened at 536.62, down 4.77% (26.87 points) from the previous session, and fell more than 8% within three minutes, prompting the Korea Exchange to activate the sidecar. As of 9:20 a.m., it was at 516.22.

In the KOSDAQ market, foreigners were net buyers of 437.1 billion KRW. Conversely, individuals and institutions were net sellers of 406.9 billion KRW and 48.1 billion KRW, respectively.

The KOSDAQ market also saw declines across all sectors. The non-metal sector had the largest drop at 10.79%, followed by transportation (10.35%) and software (10.31%), both showing double-digit declines. Other sectors included metals (9.98%), medical and precision instruments (9.53%), and general electrical and electronics (9.28%).

All of the top 10 market capitalization stocks in the KOSDAQ also fell. CJ ENM dropped the most at 8.75%, followed by KMH (8.13%), Seegene (7.61%), Studio Dragon (7.32%), and SK Materials (7.23%).

This content was produced with the assistance of AI translation services.