KOSPI Weakens to '3160 Level' Amid Concerns Over US Economic Slowdown

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] On the 8th, the domestic stock market showed weakness around the '3160 level' amid concerns over the US economic slowdown.

As of 9:20 a.m., the KOSPI was at 3,166.90, down 20.52 points (0.64%) from the previous trading day. The index opened at 3,178.74, down 8.68 points (0.27%), continuing its downward trend.

On the New York Stock Exchange (NYSE) overnight, the Dow Jones Industrial Average closed at 35,100.00, down 269.09 points (0.76%) from the previous day. The Standard & Poor's (S&P) 500 index also closed at 4,520.03, down 15.40 points (0.34%). The tech-heavy Nasdaq closed at a record high of 15,374.33, up 10.81 points (0.07%) from the previous day.

Han Ji-young, a researcher at Kiwoom Securities, said, "The US showed mixed trends due to renewed concerns over delayed economic recovery caused by the spread of the Delta variant following the August employment shock last Friday." She added, "The domestic stock market is expected to decline due to concerns over the US economic slowdown and cautious sentiment ahead of the simultaneous expiration date on the 9th." However, she noted, "Considering that the spread of the Delta variant has been repeatedly reported as a negative factor at the stock market level, the downward pressure on stock prices caused by concerns over economic slowdown in developed countries is expected to be limited."

By investor type, individual investors were net buyers of 118.6 billion KRW. In contrast, foreigners and institutions were net sellers of 74.2 billion KRW and 42.0 billion KRW, respectively.

Among the top 10 market capitalization stocks, most showed declines. Kakao had the largest drop at -3.57%. Samsung Electronics (-0.39%), NAVER (-2.02%), Hyundai Motor (-0.94%), and Samsung Biologics (-0.74%) also fell. On the other hand, KakaoBank rose alone by 2.47%.

At the same time, the KOSDAQ index was at 1,044.84, down 10.23 points (-0.97%) from the previous day. The index opened at 1,053.46, down 0.97 points (0.09%).

Foreigners and institutions' selling pressure led to the index decline. Foreigners and institutions were net sellers of 76.0 billion KRW and 36.2 billion KRW, respectively. Individuals were net buyers of 115.5 billion KRW.

Among the top 10 market capitalization stocks, there were mixed movements. Ecopro BM (1.25%), Kakao Games (0.26%), and Pearl Abyss (1.07%) rose. Meanwhile, Celltrion Healthcare (-1.53%), HL Biopharma (-0.44%), and Celltrion Pharm (-1.56%) fell.

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