KOSPI Slightly Falls Below 3030 During Session... Foreigners and Institutions Net Sell

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] The KOSPI showed a slight decline around the 3030 level in early trading on the 29th. It started higher thanks to net buying by individual investors but turned downward due to simultaneous selling by foreigners and institutions.

At 9:16 a.m. on the 29th, the KOSPI stood at 3037.10, down 0.13% (3.91 points) from the previous trading day. The market opened at 3047.71, up 0.22% (6.70 points) from the previous day. It even rose to 3054.21 at one point, showing a strong trend, but soon reversed to a decline.

By investor type, individuals were net buyers with 309.3 billion KRW. In contrast, foreigners and institutions were selling stocks worth 129.7 billion KRW and 179.4 billion KRW, respectively.

Among the top market capitalization stocks, most showed a downward trend. Samsung Electronics (-0.25%), NAVER (-1.83%), LG Chem (-1.12%), and Hyundai Motor (-0.70%) all declined. On the other hand, Celltrion rose over 4% following news of conditional approval for the COVID-19 treatment 'Rekkironaju' from the European Medicines Agency (EMA).

At the same time, the KOSDAQ index stood at 959.86, up 0.33% (3.16 points) from the previous day. The index started the session at 956.88, up 0.02% (0.18 points) from the previous day, maintaining an upward trend.

By investor type, individuals were net buyers with 48.1 billion KRW. Foreigners and institutions sold stocks worth 23.6 billion KRW and 21.2 billion KRW, respectively.

Top market capitalization stocks showed mixed movements. Celltrion Healthcare and Celltrion Pharm were up 4.26% and 2.97%, respectively. SK Materials (4.08%) and Studio Dragon (3.10%) also rose. Meanwhile, Seegene (-0.46%), Pearl Abyss (-0.92%), and Kakao Games (-0.96%) declined.

Market experts expect that the upcoming announcement of the Biden administration’s second economic stimulus plan, worth 3 trillion USD (approximately 3400 trillion KRW), scheduled for this week, will have a positive impact on the domestic stock market.

Yumi Kim, a researcher at Kiwoom Securities, said, "The Biden administration’s stimulus package, expected to be an ultra-large scale of 3 to 4 trillion USD, will likely focus on transportation infrastructure, eco-friendly projects, and education support," adding, "Expectations will flow into related sectors."

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