Russia Launches Military Operation... KOSPI and KOSDAQ Plunge Over 2%

Individually Collecting Over 1 Trillion Won Alone

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Following reports that Russia has initiated military action against Ukraine, the KOSPI and KOSDAQ indices are experiencing a sharp decline of 2%.

As of 12:58 AM on the 24th, the KOSPI was trading at 2,650.53, down 2.54% (69 points) compared to the previous trading day. The KOSPI opened the day at 2,689.32, down 1.11% (30.25 points) from the previous day. As the tense situation between Russia and Ukraine escalated, the KOSPI's intraday losses widened.

In the market, foreign investors and institutions have increased their stock sell-offs. Foreign investors sold a net 517.5 billion KRW, institutions sold 610.9 billion KRW, while individual investors alone bought stocks worth 1.0986 trillion KRW net.

In the afternoon, Ukraine's Foreign Minister announced that President Putin had launched a full-scale war. According to major media outlets, Russian President Vladimir Putin warned, "Russia cannot tolerate threats from Ukraine," and "If foreign countries interfere in such movements, Russia will retaliate immediately." Particularly, news of explosions heard in Kyiv, the capital of Ukraine, heightened concerns among market participants. In response, U.S. President Joe Biden condemned the attack on Ukraine as "unjustifiable" and announced plans for strong sanctions.

As the conflict between Western countries and Russia escalates into war, immediate shocks are appearing in commodity markets. International oil prices have surpassed $100 for the first time in seven years, with April Brent crude rising more than 3% to reach $100.04 per barrel.

Major domestic stocks are also showing significant declines. Samsung Electronics traded at 71,600 KRW, down 1.92% from the previous day. SK Hynix (-4.28%), Samsung Biologics (-1.82%), NAVER (-2.43%), Kakao (-2.70%), LG Chem (-5.94%), Hyundai Motor (-4.16%), and Samsung SDI (-5.10%) are also experiencing downward trends.

The KOSDAQ index is also showing a sharp decline. The index stands at 853.01, down 2.77% (24.32 points) from the previous trading day. The KOSDAQ opened at 869.24, down 0.92% (8.09 points) from the previous day. Regarding investment trends, individual investors alone purchased stocks worth 168.2 billion KRW. Foreign investors and institutions sold stocks worth 96.2 billion KRW and 65.8 billion KRW, respectively.

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