Impact of US Stock Market Shock... KOSPI and KOSDAQ Continue to Decline in the Afternoon
[Asia Economy Reporter Minji Lee] Following the sharp decline in the U.S. stock market, the KOSPI and KOSDAQ indices continue to fall in the afternoon session.
As of 2:23 PM on the 29th, the KOSPI is down 1.71% (52.93 points) from the previous trading day, standing at 3044.99. The KOSPI opened the day at 3055.50, down 1.37% (42.42 points) from the previous day, and has continued its downward trend. Looking at investment trends, individual investors alone bought stocks worth 944.3 billion KRW, while foreigners and institutions sold stocks worth 547 billion KRW and 398.9 billion KRW, respectively.
Among the top market capitalization stocks, most showed sharp declines, including Samsung Electronics (-3.01%), SK Hynix (-3.38%), NAVER (-1.91%), Samsung Biologics (-1.72%), LG Chem (-3.22%), Kakao (-1.70%), and Samsung SDI (-2.24%).
At the same time, the KOSDAQ index is down 1.58% (16.01 points) from the previous trading day, standing at 996.55. The index opened at 994.61, down 1.77% (17.90 points) from the previous day, and has continued its decline. Regarding investment trends, individual and foreign investors bought stocks worth 135 billion KRW and 35.1 billion KRW, respectively, while institutions alone sold stocks worth 147.7 billion KRW.
Among the top market capitalization stocks, most declined, including Celltrion Healthcare (-0.90%), EcoPro BM (-5.35%), L&F (-4.67%), Celltrion Pharm (-1.28%), Pearl Abyss (-3.57%), and Kakao Games (-1.77%).
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Researcher Kyungmin Lee of Daishin Securities explained, “The U.S. stock market plunged reflecting various negative factors such as concerns over tightening policies due to expanding inflation and default risks. As a result, global stock markets showed a preference for safe assets, and Asian markets all showed weakness. The sharp decline in the Philadelphia Semiconductor Index has led to underperformance mainly in semiconductor stocks.”
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