KOSPI Slightly Weak in Early Trading... Impact of Sharp Decline in U.S. Growth Rate
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[Asia Economy Reporter Park Jihwan] On the 31st, the KOSPI started the session with an upward trend but soon gave up its gains and turned downward. This is attributed to the mixed performance of the New York stock market overnight, influenced by the decline in the US second-quarter economic growth rate and the strength of technology stocks.
As of 9:20 a.m. that day, the KOSPI stood at 2,261.03, down 5.98 points (0.26%) from the previous day. The index opened at 2,278.53, up 11.52 points (0.51%) from the previous session, maintaining an early upward trend before turning downward.
By trading participants, foreigners continued their net buying for six consecutive days with 73.4 billion KRW. In contrast, individuals and institutions were net sellers with 16.6 billion KRW and 56.1 billion KRW, respectively.
Among the top market capitalization stocks, Samsung Electronics, SK Hynix, and Hyundai Motor declined. Meanwhile, NAVER, Samsung Biologics, Celltrion, LG Chem, and Kakao rose.
At the same time, the KOSDAQ index rose 2.58 points (0.32%) to 816.77. The index opened at 817.52, up 3.33 points (0.41%) from the previous session, showing an upward trend.
By trading participants, individuals were net buyers with 60.5 billion KRW, while foreigners and institutions sold 31.0 billion KRW and 21.8 billion KRW, respectively.
Among the top market capitalization stocks, Seegene showed a strong gain of over 4% in the early session. Celltrion Healthcare, Celltrion Pharm, Genexine, and EcoPro BM rose, while HLB and KMW declined by about 1%.
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Seo Sang-young, a researcher at Kiwoom Securities, stated, "The US second-quarter growth rate has sharply contracted. In particular, the significant contraction in consumer spending due to the shutdown and corporate facility investment will have a negative impact on the Korean stock market, which is highly dependent on exports."
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