KOSPI Narrows Intraday Decline, Approaches '3180 Level'...Institutions Turn to Net Buying

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the morning of the 8th, the KOSPI showed a slightly weak trend due to foreign investors' selling pressure. However, the index, which had fallen to the 3160 level in early trading, gradually reduced its decline as time passed. Institutional investors, who were dominant sellers in the morning, switched to buyers and helped defend the index.

As of 10:55 a.m. that day, the KOSPI was at 3,178.82, down 8.60 points (0.27%) from the previous trading day. The index opened at 3,178.74, down 8.68 points (0.27%).

By investor type, individuals net bought 108 billion KRW. Institutions, who were net sellers in early trading, also switched to net buyers with 15.4 billion KRW. On the other hand, foreigners were net sellers of 118.7 billion KRW.

Among the top 10 stocks by market capitalization, performance was mixed. Samsung Electronics and SK Hynix rose by 0.26% and 0.96%, respectively. Hyundai Motor (0.47%) and Kia (2.33%) also increased. Meanwhile, Kakao's decline was the largest at -6.82%. NAVER (-4.95%) and Samsung Biologics (-0.95%) also fell.

At the same time, the KOSDAQ was at 1,043.62, down 10.81 points (-1.03%) from the previous day. The index opened at 1,053.46, down 0.97 points (0.09%).

Foreign and institutional selling pressured the index downward. Foreigners and institutions net sold 164.4 billion KRW and 61.8 billion KRW, respectively. Individuals were net buyers of 235 billion KRW.

Among the top 10 stocks by market capitalization, EcoPro BM (0.21%) and Pearl Abyss (0.83%) rose. Meanwhile, Celltrion Healthcare (-2.56%), HL Biopharma (-3.84%), and Celltrion Pharm (-2.18%) declined.

Domestic market experts expect the KOSPI to break out of its box range only after the end of this month. Hwang Suwook, a researcher at Meritz Securities, said, "With the recent acceleration in vaccination rates, a gradual return to normal life from COVID-19 is expected to be implemented step-by-step after the end of September," adding, "Along with the global manufacturing recovery and steady export conditions, the domestic stock market is likely to regain momentum."

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