KOSPI Falls Over 1%, Barely Holding at 2930... Cheonseudak Collapses Again

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] On the 10th, the KOSPI closed the session at the 2930 level, falling more than 1%. The KOSDAQ also dropped over 2%, causing the "Cheonsdak" to collapse once again.

On this day, the KOSPI closed at 2930.17, down 32.29 points (1.09%) from the previous trading day. The index opened at 2947.46, 15.00 points (0.51%) lower than the previous day, and the decline widened as time passed. After breaking below the 3000 mark on the 3rd, it has remained around the 2900 level for six trading days.

By investor type, institutional investors showed a clear selling trend. Institutions sold a net 235.6 billion KRW, pulling the index down. Foreign investors also showed a net selling preference of 23.7 billion KRW. Only individual investors bought net 235 billion KRW alone, defending the index.

Among the top market capitalization companies, LG Chem (-3.90%), which was affected by Tesla's sharp 12% drop the previous day, experienced the largest decline. Hyundai Motor (-2.11%), Kia (-1.72%), Kakao (-1.20%), Naver (-0.72%), SK Hynix (-0.46%), and Samsung Electronics (-0.43%) followed.

The KOSDAQ closed at 987.75, down 20.93 points (2.07%).

Similar to the KOSPI, foreign and institutional investors sold net 219.9 billion KRW and 170.7 billion KRW, respectively. Only individual investors bought net 464.9 billion KRW alone.

Among the top market capitalization stocks, related stocks affected by Tesla's sharp drop showed a notable decline. EcoPro BM, the second largest company by market capitalization on the KOSDAQ that had risen for six consecutive trading days, fell 3.30% on this day. L&F also plunged 6.73%. On the other hand, Celltrion Healthcare (2.53%), Pearl Abyss (0.52%), and Celltrion Pharm (1.82%) rose.

Kim Seokhwan, a researcher at Mirae Asset Securities, said, "The inflation burden expanded due to the release of the US and China’s October consumer price indices," adding, "Especially, the selling pressure from foreign and institutional investors affected by this led the weakness."

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