KOSPI Barely Holds 2360 Level Amid Foreign and Institutional Selling

Big Hit Closes Down 4.44%

[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices closed lower due to simultaneous selling by foreigners and institutions.

On the 15th, the KOSPI ended the session at 2,361.21, down 0.81% (19.27 points) from the previous session. The KOSPI opened at 2,375.91, down 0.19% (4.57 points) from the previous session, and the decline widened throughout the day. By investor type, individuals bought stocks worth 332.4 billion KRW, while foreigners and institutions sold stocks worth 20.9 billion KRW and 117.2 billion KRW, respectively.

[Image source=Yonhap News]

Among the top market capitalization stocks, Samsung Electronics closed at 60,000 KRW, down 1.48% from the previous session. Naver (-2.01%), Samsung Biologics (-0.42%), Hyundai Motor (-1.12%), and Celltrion (-2.67%) also declined. Big Hit ended the day down 4.44%.

On the other hand, SK Hynix rose 0.69% from the previous session, and LG Chem also increased by 1.43%.

On the same day, the KOSDAQ index closed at 844.44, down 1.98% (17.04 points) from the previous session. The KOSDAQ opened at 861.37, down 0.01% (0.11 points) from the previous session, and fell more than 3% intraday. By investor type, individuals bought stocks worth 258.6 billion KRW, while foreigners and institutions sold stocks worth 21.1 billion KRW and 220.2 billion KRW, respectively.

Most of the top KOSDAQ stocks declined that day. Celltrion Healthcare (-0.90%), Seegene (-0.38%), Alteogen (-5.29%), HL Biopharma (-3.74%), and Celltrion Pharm (-3.03%) also fell.

Lee Kyung-min, a researcher at Daishin Securities, analyzed, “The COVID-19 issues have stimulated profit-taking, and the resurgence of COVID-19 mainly in the US and Europe has dampened investor sentiment. In the KOSDAQ market, entertainment-related stocks such as JYP Entertainment (-7.23%) and YG Entertainment (-9.66%) showed weakness.”

He added, “The process of absorbing sell-offs in the global stock markets, including the KOSPI, will continue for the time being. The appropriate valuation for the KOSPI is below the 2,200 level, so caution should still be maintained.”

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