KOSPI Plunges 1.8% Due to Foreign and Institutional Selling... Cheonsudak Also Collapses

[Image source=Yonhap News]

[Asia Economy Reporter Ji-hwan Park] The KOSPI closed sharply lower as both foreign and institutional investors sold off. The KOSPI broke below the 3000 level, closing around 2960, while the KOSDAQ also recorded a decline of over 1%, barely maintaining the 990 level.

On the 20th, the KOSPI closed at 2963.00, down 54.73 points (1.81%) from the previous trading day (3017.73). After recovering above 3000 for the first time in three trading days on the 16th, the KOSPI fell below 3000 again after three trading days.

By investor type, foreigners and institutions sold a net 557.6 billion KRW and 574.6 billion KRW, respectively. In contrast, individuals were the sole net buyers with 1.0848 trillion KRW. Foreign investors showed a net selling trend in the futures market from early in the session, selling a net 7,773 contracts throughout the day. Meanwhile, individuals bought a net 914 contracts, and institutions bought a net 6,274 contracts. The spread of the global Omicron variant and successive interest rate hikes by central banks worldwide raised concerns about tightening, weakening investor sentiment mainly among foreign investors.

The top 10 KOSPI stocks by market capitalization all closed lower. Samsung Electronics, the largest by market cap, closed at 77,100 KRW, down 900 KRW (1.15%) from the previous day. SK Hynix (-1.23%), Samsung Biologics (-2.09%), NAVER (-2.99%), Kakao (-3.83%), LG Chem (-5.88%), Samsung SDI (-3.82%), Hyundai Motor (-2.15%), Kia (-2.01%), and KakaoBank (-2.50%) all recorded declines.

The KOSDAQ closed at 990.51, down 10.75 points (1.07%) from the previous day (1001.26).

By investor type, foreigners sold a net 110.8 billion KRW. Individuals and institutions bought net 14.4 billion KRW and 96.7 billion KRW, respectively.

Among the top 10 KOSDAQ stocks by market capitalization, results were mixed. EcoPro BM (-1.51%), L&F (-0.65%), Kakao Games (-0.92%), and WeMade (-0.5%) declined. Celltrion Healthcare (0.61%), Pearl Abyss (2.91%), Celltrion Pharm (0.08%), HLB (2.20%), and Seegene (1.73%) rose.

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