Institutions and LG Energy Solution's 'Fate'... Stock Market Turns Down, KOSDAQ 900 'Shaken'

On the 7th, when the KOSPI index showed weakness in the early session, dealers were working in the dealing room of Hana Bank in Euljiro, Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Ji Yeon-jin] The domestic stock market, which started higher, turned lower during the session. The KOSPI index is slightly down amid institutional selling, while the KOSDAQ is once again threatened below the 900 level after a day, as foreign investors continue heavy selling.

As of 10:30 AM, the KOSPI index is trading at 2.16 points (0.08%) lower than the previous day at 2766.69. The index started higher and maintained a firm tone but turned lower as institutions sold and individuals joined the selling. Institutions are net selling about 151.8 billion KRW, and individuals, after initially net buying, are now net selling about 8.8 billion KRW.

Foreign investors have been net buyers since early in the session, purchasing about 162.1 billion KRW at the same time, supporting the index.

LG Energy Solution is recording a 4.79% drop following the previous day. Institutions have been net sellers for two consecutive days, driving the stock price down. Hyundai Motor and Kia Motors are also down more than 1% each.

On the other hand, Samsung Electronics (0.40%), SK Hynix (0.79%), and Samsung Biologics (0.39%) are holding firm, and NAVER is up more than 2%. LG Chem is rising 5.41%.

Initially, the domestic stock market was expected to rise slightly as the U.S. stock market showed gains overnight on hopes for economic normalization and inflation peaking. However, ahead of the U.S. inflation data release, cautious sentiment deepened, leading to a reversal to the downside.

Seo Sang-young, a researcher at Mirae Asset Securities, said, "Factors driving the U.S. stock market up, such as with-COVID policies and stable downward U.S. Treasury yields, were partially reflected in the Korean market yesterday. However, with the U.S. Consumer Price Index announcement upcoming, cautious sentiment is strong."

The KOSDAQ index is down 9.23 points (1.01%) at 901.30. Foreigners and institutions sold about 184.6 billion KRW and 56 billion KRW respectively, pulling the index down. Meanwhile, individuals are net buyers of about 239.1 billion KRW.

All of the top market cap stocks on the KOSDAQ are declining. Wemade fell 15.68%, recording the largest drop, amid analysis that excluding cryptocurrency profits, it is an earnings shock. EcoPro BM also dropped more than 3%, and Kakao Games fell 2.69%.

Additionally, Celltrion Healthcare, L&F, Pearl Abyss, HLB, and Celltrion Pharm are maintaining slight declines.

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