Institutions and Foreigners Net Sell... KOSPI Trades Around 3250 Early Session
KOSPI and KOSDAQ Indexes Fall by 0.5% Range
Kakao Up 1%, KakaoBank Rises Over 13%
[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices are showing a decline in the early trading session due to net selling by institutions and foreigners. This is interpreted as the indices being pressured by concerns over tapering (asset purchase reduction) following strong U.S. July employment data and the spread of COVID-19.
At 9:11 a.m. on the 9th, the KOSPI stood at 3,254.88, down 0.48% (15.60 points) from the previous trading day. The KOSPI opened at 3,258.10, down 0.37% (12.26 points) from the previous day. Looking at investor trends, foreigners and institutions sold stocks worth 66 billion KRW and 185 billion KRW respectively, while individuals alone bought stocks worth 257.3 billion KRW.
Among the top market capitalization stocks, all declined except for the Kakao group. Kakao rose 1.03% from the previous day, and KakaoBank traded at 79,000 KRW, up 13%. Samsung Electronics recorded 81,200 KRW, down 0.37% from the previous day. SK Hynix (-1.27%), NAVER (-0.67%), Samsung Biologics (-0.40%), LG Chem (-0.48%), and Hyundai Motor (-0.90%) also declined.
At the same time, the KOSDAQ index stood at 1,054.83, down 0.47% (4.97 points) from the previous day. The KOSDAQ opened at 1,059.29, down 0.05% (0.51 points) from the previous day. Regarding investor trends, individuals alone bought stocks worth 180.7 billion KRW, while foreigners and institutions sold stocks worth 34.6 billion KRW and 136 billion KRW respectively.
Among the top market capitalization stocks, last week’s Celltrion Healthcare (-1.54%), Celltrion Pharm (-1.98%), Pearl Abyss (-2.34%), HL Biopharma (-1.24%), Alteogen (-2.20%), and Seegene (-0.84%) all declined. EcoPro BM (2.19%), Kakao Games (2.68%), and CJ ENM (0.06%) rose.
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Seosangyoung, a researcher at Mirae Asset Securities, said, “Volatility is expected to increase as the Federal Reserve’s hawkish stance, the spread of COVID-19, and confidence in the U.S. economic recovery collide. Attention should be paid to changes in the Chinese stock market due to the Chinese inflation data results and the announcement of movement restrictions in Beijing.”
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