Concerns Over Delayed Economic Recovery Lead KOSPI to Close Below 1920... KOSDAQ Weakens Below 690
[Asia Economy Reporter Oh Ju-yeon] Due to the impact of the global stock market decline, the domestic stock market also closed lower on the 14th. The possibility of a delayed economic recovery in the U.S. and the expansion of U.S.-China tensions increased uncertainty in the market, leading both foreign and institutional investors to net sell in the KOSPI and KOSDAQ markets.
On that day, the KOSPI closed at 1924.96, down 0.80% from the previous trading day. It fell to 1913.46 during the session but narrowed the decline toward the close.
Among the top market capitalization stocks, Samsung Electronics (-1.54%), SK Hynix (-2.99%), Samsung Biologics (-1.14%), and LG Chem (-2.27%) declined, while NAVER (0.46%) and Celltrion (0.47%) rose.
By investor type, foreigners and institutions net sold 554.3 billion KRW and 237.3 billion KRW respectively, while individuals bought 784.5 billion KRW worth of shares.
The KOSDAQ index closed at 690.57, down 0.14% from the previous trading day. Individuals net bought 74.6 billion KRW, whereas foreigners and institutions net sold 21.0 billion KRW and 18.9 billion KRW respectively.
Although most of the top market capitalization stocks showed a downward trend, Seegene surged 29.97% to the daily upper limit, closing at 128,800 KRW. This was due to a surprise first-quarter earnings report, and with this rise, Seegene jumped past Celltrion Pharm to become the third largest by market capitalization on the KOSDAQ.
Seo Sang-young, a researcher at Kiwoom Securities, analyzed, "The Korean stock market declined due to the impact of the U.S. stock market falling sharply for two consecutive days. In particular, Federal Reserve Chairman Jerome Powell and others mentioned that the U.S. economic recovery could be delayed, and the expansion of U.S.-China tensions also influenced the market."
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He added, "Furthermore, the fact that foreigners net sold both spot and futures contracts on the options expiration date also contributed to the decline. However, despite the intensifying U.S.-China tensions, the limited decline in the Chinese stock market had a positive effect."
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