Continued Foreign Interest in "Sell Korea" After the Ukraine War
[Asia Economy Reporter Ji Yeon-jin] Since Russia invaded Ukraine last month, foreign capital outflows have continued in the domestic stock market.
According to the Korea Exchange on the 6th, foreigners net sold stocks worth 888.8 billion KRW in the domestic market from the 29th of last month to the 4th of this month. Although this is slightly less than the net selling amount of 1.4 trillion KRW recorded last week, which included the sudden invasion of Ukraine by Russia on the 24th of last month, the selling pressure continues.
During this period, foreigners sold Samsung Electronics the most, offloading stocks worth 1.6173 trillion KRW and recording the largest net selling amount (-404.2 billion KRW). Hyundai Motor (-111.5 billion KRW), Samsung Electronics Preferred (-109.1 billion KRW), LG Energy Solution (-99.6 billion KRW), and Kakao (-86.4 billion KRW) followed.
On the other hand, HMM showed the largest net buying with 294 billion KRW worth of purchases, followed by POSCO (72.1 billion KRW), SK Hynix (65.4 billion KRW), Hanwha Aerospace (41.2 billion KRW), and Samsung Engineering (41.2 billion KRW).
Meanwhile, during the same period, institutions net sold stocks worth 839.7 billion KRW, while individuals net bought stocks worth 1.7345 trillion KRW.
For individuals, the largest net buying amounts were in Samsung Electronics (654.8 billion KRW), Hyundai Motor (130.6 billion KRW), Kia (125.5 billion KRW), Samsung Electronics Preferred (104.6 billion KRW), and LG Energy Solution (104.2 billion KRW), seemingly absorbing all the shares sold by foreigners.
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Seojeonghoon, a researcher at Samsung Securities, advised, "For the time being, the domestic stock market is expected to fluctuate between limited upside and downside. While valuation merits can support the downside of the index, considering the market’s high geopolitical sensitivity, a full-scale rebound is clearly not easy. Given that the rise in commodity prices is a given for the time being, it is necessary to look at cyclical stocks in the upstream sectors where price pass-through is easier."
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