KOSPI Falls Below 2300 Amid COVID-19... KOSDAQ Also Drops Below 790 (Update)
[Asia Economy Reporter Kum Boryeong] The KOSPI fell below the 2300 mark during the session due to concerns over the resurgence of the novel coronavirus infection (COVID-19).
As of 10:50 a.m. on the 20th, the KOSPI recorded 2299.48, down 2.59% (61.06 points) from the previous close. The KOSPI opened at 2339.91, down 0.87% (20.63 points) from the previous trading day, and briefly reduced its losses due to net buying by individuals and foreigners immediately after the opening, but plunged as foreigners turned to net selling. In the KOSPI market, individuals were net buyers of 392.3 billion KRW, while foreigners and institutions were net sellers of 128.4 billion KRW and 270.4 billion KRW, respectively.
By sector, machinery (-2.79%), transportation equipment (-3.29%), and telecommunications (-1.38%) showed weakness, while pharmaceuticals (0.41%) were the only sector to show strength. Among the top 10 companies by market capitalization, Celltrion (1.32%) was the only one to rise.
The KOSDAQ index showed a larger drop than the KOSPI. At the same time, the KOSDAQ recorded 789.92, down 3.52% (28.82 points) from the previous trading day, breaking below the 790 level. The KOSDAQ opened at 816.63, down 0.26% (2.11 points) from the previous close, and briefly rebounded with an upward trend, but continued a strong decline due to net selling by foreigners. In the KOSDAQ market, individuals were net buyers of 227.1 billion KRW, while foreigners and institutions sold 163.5 billion KRW and 60.6 billion KRW, respectively.
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The sharp decline in the stock market on this day is interpreted as largely influenced by concerns over the resurgence of COVID-19. Lee Yesin, a researcher at Shinhan Financial Investment, explained, "A sudden negative factor has emerged with the increase in domestic new COVID-19 cases," adding, "The retreat of recovery expectations for domestic demand and industries affected by COVID-19, which are belatedly participating in the economic normalization process, and the contraction of investment sentiment are inevitable."
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