KOSPI Falls Over 1%... Drops to 2710 Level

KOSDAQ, Once Soaring, Reverses to Decline

On the 8th, employees are working in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul.
[Photo by Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI, which started slightly lower, is falling further as its decline expands to over 1%. It appears to be undergoing some correction after a recent sharp rise.

As of 11:18 a.m. on the 8th, the KOSPI recorded 2714.74, down 1.12% from the previous day. After opening at 2745.13, down 0.01% from the previous day, the decline widened, dropping to the 2710 level.

The decline in the index seems to have been driven by combined selling pressure from foreigners and institutions. Foreigners and institutions net sold 407.8 billion KRW and 155.7 billion KRW respectively, while individuals net bought 581.6 billion KRW.

Most sectors fell. The pharmaceutical sector had the largest drop at -3.27%. This was followed by paper & wood (-2.53%), construction (-1.68%), non-metallic minerals (-1.66%), and banking (-1.47%). Meanwhile, machinery (0.42%) and transportation & warehousing (0.30%) rose.

Among the top 10 market capitalization stocks, all except Samsung SDI (1.4%) declined. Samsung Biologics (-4.2%) experienced the largest drop, followed by Celltrion (-4.0%), Hyundai Motor (-3.1%), SK Hynix (-2.9%), Kia (-2.3%), Kakao (-1.9%), Samsung Electronics (-1.3%), and NAVER (-1.2%).

The KOSDAQ, which showed an early morning rise, also turned downward. At the same time, it recorded 919.11, down 0.84% from the previous day. After opening at 927.69, up 0.09% from the previous day, it rose to 933.14 by 9:17 a.m. This was the highest level in about 20 years since the collapse of the 'dot-com bubble' in October 2000. However, it began to fall around 9:35 a.m. and ultimately closed lower than the previous day.

In the KOSDAQ market as well, foreigners and institutions continued to sell. They net sold 80 billion KRW and 45.9 billion KRW respectively. Individuals net bought 148.1 billion KRW.

Many sectors declined. The distribution sector fell the most at -3.15%, followed by transportation equipment & parts (-2.59%), pharmaceuticals (-2.03%), and telecommunications equipment (-1.40%). Broadcasting services (2.49%), entertainment & culture (1.87%), and telecommunications & broadcasting services (1.77%) rose.

Most of the top 10 market capitalization stocks declined. Celltrion Pharm’s drop was the largest at -7.7%, followed by Genexine (-7.0%), HLB (-5.3%), Celltrion Healthcare (-4.7%), Seegene (-2.3%), and Alteogen (-1.6%). Only EcoPro BM (1.2%), Pearl Abyss (0.5%), and Kakao Games (0.4%) rose.

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