Foreigners' Net Selling Drives KOSPI into Deep Decline... KOSDAQ Also Down Over 1%
[Asia Economy Reporter Minji Lee] As foreign investors' net selling volume increases, the KOSPI continues its downward trend in the afternoon. The KOSDAQ index is also showing a decline of over 1% as selling pressure for profit-taking intensifies.
At 12:40 PM on the 8th, the KOSPI stood at 3,266.00, down 0.59% (19.34 points) from the previous trading day. The index opened at 3,287.68, up 0.07% (2.34 points) from the previous day, but soon turned downward. Looking at investor trends, foreign investors' selling is prominent. Foreigners sold stocks worth 229.1 billion KRW alone, while individuals and institutions bought stocks worth 129.9 billion KRW and 79.0 billion KRW respectively.
Among the top market capitalization stocks, Kakao (0.93%), NAVER (2.16%), Samsung Biologics (2.60%), and Celltrion (0.38%) rose, while Samsung Electronics (-0.5%), SK Hynix (-0.81%), LG Chem (-1.61%), Samsung SDI (-1.34%), and Hyundai Motor (-0.86%) declined.
At the same time, the KOSDAQ index stood at 1,035.87, down 1.11% (11.61 points) from the previous trading day. The index opened at 1,047.96, up 0.07% (0.69 points) from the previous day, but continued to decline as profit-taking selling pressure poured in following the recent sharp rise.
Investor trends show that individuals alone bought stocks worth 309.2 billion KRW, while foreigners and institutions sold stocks worth 218.8 billion KRW and 79.5 billion KRW respectively.
Among the top market capitalization stocks, Celltrion Healthcare (-0.96%), Celltrion Pharm (-1.92%), EcoPro BM (-1.97%), SK Materials (-0.38%), Alteogen (-2.86%), and HLB (-2.46%) declined, while Kakao Games (5.03%), Pearl Abyss (2.43%), and Seegene (1.67%) rose.
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Seosangyoung, a researcher at Mirae Asset Securities, explained, “The domestic stock market started higher supported by the rise in the US stock market, but investor sentiment weakened as the spread of COVID-19 continued. The shift of foreign investors from net buying to net selling acted as a burden.”
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