KOSPI Returns to 2700 Level... Continued Selling Pressure from Foreign Investors

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] The KOSPI index continued its upward trend on the morning of the 22nd, successfully returning to the 2700 level. The KOSDAQ index initially dropped nearly 1% at the start of trading but then rebounded to show a flat trend. Although the U.S. stock market declined due to the Federal Reserve's aggressive stance, the impact is estimated to be limited as it was already reflected in the domestic market on the previous day (21st).

As of 10:40 a.m. on the day, the KOSPI stood at 2703.86, up 17.81 points (0.66%) from the previous day. The KOSPI opened at 2686.68, up 0.63 points (0.02%), and continued its upward momentum. By investor type, institutions were the sole net buyers with 182.4 billion KRW, while individuals and foreigners sold 55.5 billion KRW and 133 billion KRW worth of stocks, respectively.

Looking at the top market capitalization stocks, Samsung Electronics is trading up 0.72% at 70,400 KRW. Other major gainers include ▲LG Energy Solution (1.55%) ▲SK Hynix (0.82%) ▲Samsung Biologics (0.36%) ▲Kakao (1.90%) ▲Hyundai Motor (2.97%) ▲Samsung SDI (0.79%) ▲LG Chem (0.51%). Samsung Electronics Preferred shares fell 0.16%, making it the only stock among the top 10 by market cap to decline. Naver (NAVER) is trading unchanged at 339,000 KRW.

By sector, ▲Insurance (2.55%) ▲Transportation Equipment (2.09%) ▲Telecommunications (1.50%) are rising, while ▲Pharmaceuticals (-1.20%) ▲Transportation & Warehousing (-0.82%) ▲Non-metallic Minerals (-0.19%) are declining.

At the same time, the KOSDAQ index is at 919.91, up 1.51 points (0.16%) from the previous day. The KOSDAQ opened at 916.70, down 1.70 points (0.19%), and around 9:10 a.m. retreated to the 914 level, showing a nearly 1% decline but soon rebounded. It has since fluctuated between gains and losses, showing a flat trend. By investor type, individuals and institutions bought 18.8 billion KRW and 20.9 billion KRW respectively, while foreigners were net sellers with 36 billion KRW.

Among the top market capitalization stocks, Wemade surged 3.42%, followed by ▲Pearl Abyss (2.47%) ▲L&F (0.53%) ▲Kakao Games (1.02%) ▲Cheonbo (1.30%) ▲CJ ENM (2.64%) all rising. On the other hand, Celltrion Healthcare plunged 6.66% to 65,900 KRW. Other decliners include ▲EcoPro BM (-0.50%) ▲Celltrion Pharm (-2.45%) ▲HLB (-2.89%).

By sector, ▲Food & Tobacco (2.93%) ▲Entertainment & Culture (2.36%) ▲Broadcasting Services (2.04%) are rising, while ▲Distribution (-3.03%) ▲Other Services (-1.10%) ▲Transportation Equipment & Parts (-0.97%) are declining.

Seosangyoung, a researcher at Mirae Asset Securities, commented, "Despite Jerome Powell’s aggressive remarks, the limited decline in the U.S. stock market is noteworthy," adding, "On the 22nd, the Korean stock market is expected to show a stock-specific market trend with attention on foreign investors' movements."

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