Foreigners and Institutions Sell, KOSPI Fails to Defend 2700 Level... Drops to 2690 Range

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] The KOSPI index failed to hold the 2700 level on the morning of the 21st and collapsed. It is interpreted as slipping due to selling pressure from foreigners and institutions. The KOSDAQ index is fluctuating within a narrow range.

As of 10:47 a.m. on the day, the KOSPI is at 2698.42, down 0.32% (8.60 points) from the previous day. The KOSPI started at 2717.81, up 0.40% (10.79 points) from the previous trading day, but soon turned downward and fell below the 2700 level around 10:45 a.m.

Looking at the top market capitalization stocks, LG Energy Solution rose 3.27%, reclaiming the second spot in market capitalization from SK Hynix. Others such as ▲Samsung Biologics (0.48%) ▲Samsung SDI (1.39%) ▲LG Chem (1.43%) are also on the rise. On the other hand, Samsung Electronics, down 0.42%, along with ▲SK Hynix (-1.21%) ▲NAVER (-0.73%) ▲Kakao (-2.30%) are declining. Samsung Electronics Preferred and Hyundai Motor are trading at the same price as the previous day.

By sector, chemicals (0.93%), paper and wood (0.69%), and steel and metals (0.53%) rose, while medical precision (-3.53%), electric and gas utilities (-2.69%), and banks (-2.15%) plunged sharply.

At the same time, the KOSDAQ recorded 922.62, down 0.04% (0.34 points). The KOSDAQ started at 926.86, up 0.42% (3.90 points), but soon turned downward. Since then, it has been fluctuating within a narrow range.

Looking at the top market capitalization stocks on the KOSDAQ, EcoPro BM rose 2.04% to trade at 369,900 won. ▲Pearl Abyss (1.96%) ▲L&F (2.96%) ▲HLB (0.30%) ▲Cheonbo (1.00%) ▲CJ ENM (4.07%) also rose. In contrast, ▲Celltrion Healthcare (-1.51%) ▲Kakao Games (-1.73%) ▲Celltrion Pharm (-2.00%) ▲Wemade (-2.35%) are declining.

By sector, broadcasting services (2.24%), telecommunications and broadcasting services (1.56%), and food, beverages, and tobacco (1.56%) are leading gains. Pharmaceuticals (-1.25%), entertainment and culture (-1.12%), and medical precision instruments (-0.80%) are on the decline.

Han Ji-young, a researcher at Kiwoom Securities, said about the domestic stock market this week, "Since sensitivity to macro variables has decreased after the March Federal Open Market Committee (FOMC), the market will show differentiated stock price movements between sectors depending on individual issues," and suggested the expected KOSPI range this week to be 2650 to 2780 points.

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