KOSPI Threatens 3000 Level... KOSDAQ Falls Below 1000 Point Mark

On the 1st, the KOSPI index opened lower due to the sluggish U.S. stock market. Dealers are working in the dealing room of Hana Bank in Euljiro, Seoul. The won-dollar exchange rate opened at 1,185.0 won, up 1.0 won from the previous session, showing a stable trend. Photo by Moon Honam munonam@

[Asia Economy Reporter Park Jihwan] The KOSPI faced a precarious situation as it slipped to the '3010 level' due to net selling by foreigners and institutions, threatening to fall to 3000 points. The KOSDAQ also dropped below the 1000-point mark with a 2% decline.

On the 1st, the KOSPI closed at 3019.18, down 49.64 points (-1.62%) from the previous trading day. This is the lowest closing level in about six months since March 25, when it closed at 3008.33. The index opened at 3056.21, down 12.61 points (-0.41%) from the previous session, but the decline accelerated toward the end of the trading day.

By investor type, individual investors bought 760.9 billion KRW, defending the index. Foreigners and institutions sold 303.2 billion KRW and 487.3 billion KRW, respectively.

Among the top 10 market capitalization stocks, all except Samsung Biologics showed weakness. Samsung Electronics (-1.21%), SK Hynix (-2.91%), NAVER (-1.55%), LG Chem (-0.77%), Kakao (-1.27%), Samsung SDI (-1.53%), and Hyundai Motor (-3.25%) all declined.

The KOSDAQ closed at 983.20, down 20.07 points (-2.00%). This marks the first time in about a month since the 23rd of last month, when it was at 993.18, that the index fell below 1000 points.

By investor type, individual investors were net buyers of 128.4 billion KRW, while foreigners and institutions were net sellers of 96.4 billion KRW and 25.2 billion KRW, respectively.

Among the top 10 market capitalization stocks, Celltrion Healthcare (-5.30%), EcoPro BM (-3.43%), Celltrion Pharm (-4.31%), HL Biopharma (-1.77%), and Kakao Games (-1.37%) declined. Stocks that closed higher included Pearl Abyss (6.09%) and L&F (1.90%).

Han Ji-young, a researcher at Kiwoom Securities, said, "The main reason for the sharp market drop is the continued impact of negative factors that occurred throughout this week," adding, "The market was affected by the spread of adverse factors such as supply shortages, concerns over further inflation spikes, the Fed's early tightening, rapid interest rate hikes, and difficulties in the US debt ceiling negotiations."

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