KOSPI Starts Upward but Turns Down Early... KOSDAQ Drops Sharply Below 900

On the 4th, dealers were working in the dealing room of Hana Bank in Euljiro, Seoul. On that day, the KOSPI index opened at 2714.83, up 7.01 points (0.26%) thanks to buying by foreigners and institutions. The KOSDAQ started at 888.51, down 3.09 points (0.35%). The won-dollar exchange rate opened at 1202 won, down 4.4 won. Photo by Moon Honam munonam@

[Asia Economy Reporter Ji Yeon-jin] On the 7th, the domestic stock market, which started higher, reversed to a decline shortly after the opening. Last weekend, the U.S. stock market rose due to January employment data and the Amazon effect, raising expectations for a rebound in the domestic market after the Lunar New Year holiday. However, the favorable employment situation is interpreted as fueling concerns over U.S. monetary tightening.

The KOSPI index started at 1750.70, up 0.44 points (0.03%) from the previous trading day, but turned downward within about two minutes of the opening. As of 9:12 a.m. that day, the index was at 2733.99, down 16.27 points (0.59%) from the previous day. At the same time, individuals were net buyers worth approximately 186.3 billion KRW, and foreigners were also buying 48.6 billion KRW, showing net buying for three consecutive trading days. On the other hand, institutions were net sellers worth about 228.4 billion KRW.

The KOSDAQ also opened at 905.96, up 3.09 points (0.34%), but at the same time was trading below the 900 mark at 899.70, down 3.17 points (0.35%) early in the session. Individuals were net buyers of 119.7 billion KRW, while foreigners and institutions were net sellers of 88.4 billion KRW and 26.4 billion KRW, respectively.

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