Domestic Stock Market Continues Weakness in the Afternoon... Below 'Samcheonpi' and 'Cheonseudak'

[Asia Economy Reporter Park Jihwan] The KOSPI continues to show weakness in the afternoon due to selling pressure from foreigners and institutions. The KOSPI has fallen below the 3000 mark, and the KOSDAQ has also broken below the 1000 level.

On the 29th, as of 2:04 PM, the KOSPI was trading at 2982.82, down 26.73 points (0.89%) from the previous trading day.

Although the U.S. stock markets, including the Standard & Poor's (S&P) 500 index and the Nasdaq index, closed at record highs overnight, the subsequent release of disappointing corporate earnings appears to have had an impact. Amazon reported third-quarter sales of $110.81 billion and net income of $3.2 billion. Market expectations were sales of $111.6 billion and net income of $4.6 billion. Apple’s third-quarter sales also fell short of market expectations at $83.4 billion compared to the forecast of $85 billion. The underperformance of these companies’ earnings has led to concerns about reduced demand for domestic companies responsible for supplying key components, which is believed to have dampened investor sentiment. Additionally, heightened caution ahead of next week’s U.S. Federal Open Market Committee (FOMC) meeting also played a role.

On the KOSPI, individual investors were net buyers of 805 billion KRW. Foreigners and institutions were net sellers of 537.9 billion KRW and 277.6 billion KRW, respectively.

Most of the top market capitalization companies are declining. Samsung Electronics and SK Hynix fell by 0.71% and 1.88%, respectively. NAVER dropped 0.85%, and LG Chem fell 0.12%.

At the same time, the KOSDAQ recorded 993.71, down 6.42 points (0.64%) from the previous day. On the KOSDAQ, foreigners and individuals were net buyers of 32.9 billion KRW and 31.7 billion KRW, respectively. Institutions were net sellers of 48.5 billion KRW.

Among the top market capitalization stocks, Celltrion Healthcare and Celltrion Pharm fell by 6.76% and 6.15%, respectively. On the other hand, EcoPro BM (2.41%), L&F (1.53%), Wemade (12.93%), and Kakao Games (1.02%) rose.

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