Foreigners and Institutions Sell Off, Korean Stock Market Fluctuates... KOSPI Closes Down 0.83%

Intraday Drop to 1.5%
KOSDAQ Falls Up to 2.5% Intraday...Recovers to 830s Afterwards

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI closed nearly 1% lower than the previous day amid selling pressure from foreigners and institutions.

On the 16th, the KOSPI closed at 2341.53, down 0.83% (19.68 points) from the previous session. It opened at 2363.88, up 0.11% from the previous day, then widened its losses. Around 1:56 PM, it fell more than 1.5% to 2325.03 before slightly recovering to close the session.

The decline in the index was driven by selling from foreigners and institutions. Foreigners and institutions net sold 173.1 billion KRW and 202.4 billion KRW, respectively. In contrast, individuals net bought 2.2905 trillion KRW.

Most sectors declined. The transportation equipment sector had the largest drop at 2.12%. This was followed by paper & wood (-1.71%), pharmaceuticals (-1.39%), and electrical & electronics (-1.15%). Meanwhile, electricity & gas (2.81%), construction (0.73%), and transportation & warehousing (0.16%) rose.

Among the top 10 market capitalization sectors, many also declined. Samsung Biologics fell the most by 2.4%. This was followed by Hyundai Motor (-2.2%), Samsung SDI (-2.1%), SK Hynix (-2.90%), and Kakao (-1.2%). Celltrion (0.5%), LG Chem (0.4%), NAVER (0.3%), and LG Household & Health Care (0.1%) rose.

The KOSDAQ followed a similar trend. It closed at 833.84, down 1.26% (10.60 points) from the previous session. It opened at 845.63, up 0.14% from the previous day, but losses gradually increased. Around 1:57 PM, it dropped to 822.58, down 2.59% from the previous close.

Again, selling pressure from foreigners and institutions was strong. They sold 8.3 billion KRW and 145.4 billion KRW, respectively. Meanwhile, individuals net bought 171.6 billion KRW.

Most sectors declined. The publishing & media duplication sector fell the most by 3.02%. This was followed by information devices (-2.82%), transportation (-2.61%), machinery & equipment (-2.50%), metals (-2.44%), and telecommunications equipment (-2.43%), all falling by around 2%. On the other hand, broadcasting services (1.55%) and telecommunications broadcasting services (1.07%) among five sectors rose.

Among the top 10 market capitalization stocks, six declined. Genexine fell the most by 4.4%. This was followed by KMV (-2.7%), Seegene (-1.2%), Kakao Games (-0.9%), Alteogen (-0.3%), and Celltrion Healthcare (-0.1%). HLB (2.6%), EcoPro BM (1.5%), and CJ ENM (0.1%) rose. Alteogen remained flat.

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