Sluggish Korean Stock Market... KOSPI Falls to the 2970s

KOSDAQ Also Falls Below 1000 Mark

On the morning of the 14th, the KOSPI and KRW/USD exchange rates that started trading are displayed in the dealing room of the Hana Bank headquarters in Jung-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] On the morning of the 14th, the domestic stock market, which started slightly down but showed signs of recovery, widened its losses in the afternoon. While the KOSPI dropped to the 2970 level, the KOSDAQ also fell below the 1000 mark.

As of 1:50 PM that day, the KOSPI recorded 2979.58, down 0.70% from the previous day. After opening lower at 2983.95, it briefly surpassed the 3000 mark in the morning but then started to decline again.

It appears that selling pressure from foreigners and institutions pulled the index down. They net sold 307.4 billion KRW and 199.6 billion KRW worth of stocks, respectively. On the other hand, individuals net bought stocks worth 481.3 billion KRW.

Almost all sectors showed a downward trend. The chemical sector had the largest drop at -1.74%. This was followed by paper & wood (-1.31%), machinery (-1.31%), construction (-1.31%), and finance (-1.12%). Only pharmaceuticals (1.95%) and food & beverages (1.64%) rose.

At the same time, the KOSDAQ also fell 0.66% to 999.31. After starting slightly down at 1001.11, it turned upward to reach the 1007 level but then reversed back into a downward trend.

In the KOSDAQ market as well, selling pressure from foreigners and institutions continued. They net sold stocks worth 2.7 billion KRW and 14 billion KRW, respectively. Individuals net bought stocks worth 33.5 billion KRW.

Again, most sectors were down. The IT components sector had the largest drop at -2.08%, followed by telecommunications equipment (-1.80%), textiles & apparel (-1.79%), medical & precision instruments (-1.76%), and construction (-1.62%).

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