KOSPI Narrows Losses on US Stock Futures Rise... KOSDAQ Closes with a Rebound

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] On the morning of the 24th, the KOSPI index, which had temporarily fallen by nearly 1%, closed with a significantly reduced decline toward the end of the trading session. This appears to be influenced by the rise in U.S. stock market after-hours index futures. The KOSDAQ index, which showed a similar decline rate to KOSPI, reduced its losses in the afternoon and reversed to close higher at the end of trading.

On this day, the KOSPI closed at 2,729.66, down 5.39 points (0.20%) from the previous trading day. The KOSPI started at 2,716.25, down 18.80 points (0.69%) from the previous day, and fell to the low 2,700 range during the morning session but quickly recovered in the afternoon.

By investor type, individuals were the sole net buyers with 681.6 billion KRW, while foreigners and institutions sold 474.7 billion KRW and 222.7 billion KRW worth of stocks, respectively.

Among the top market capitalization stocks, Samsung Electronics closed at 69,800 KRW, down 0.99% from the previous trading day. SK Hynix also closed down 2.43% at 120,500 KRW. Other decliners included ▲Naver (NAVER) (-1.59%) ▲Samsung Biologics (-1.32%) ▲Samsung Electronics Preferred (-0.16%) ▲Kakao (-1.41%). LG Chem rose, closing at 531,000 KRW, up 4.53% from the previous day. LG Energy Solution (0.25%) and Samsung SDI (2.12%) also closed higher. Hyundai Motor ended unchanged at 176,000 KRW.

By sector, reopening-related sectors such as Food & Beverages (2.06%) and Textiles & Apparel (1.56%) rose. Conversely, Banks (-1.18%) and Services (-0.88%) closed lower.

The KOSDAQ closed at 931.75, up 1.18 points (0.13%) from the previous trading day. The KOSDAQ opened at 926.29, down 4.28 points (0.46%), retreated to the 920 level early on, then showed a gradual recovery in the afternoon before reversing to close higher at the end of trading.

By investor type, individuals were net buyers with 142.8 billion KRW, while foreigners and institutions were net sellers with 80 billion KRW and 30.5 billion KRW, respectively.

Among the top market capitalization stocks on KOSDAQ, Kakao Games closed down sharply by 6.98% at 74,900 KRW. EcoPro BM (-2.22%), CJ ENM (-1.78%), and HLB (-1.72%) also declined. On the other hand, Wemade closed up 3.87% at 107,300 KRW. Pearl Abyss closed unchanged at 107,600 KRW.

By sector, Construction (2.29%) and Food & Tobacco (2.04%) showed strength. Broadcasting Services (-1.32%), Computer Services (-1.30%), and Telecommunications & Broadcasting Services (-1.16%) declined.

Park Gwangnam, a researcher at Mirae Asset Securities, explained, "The U.S. stock market declined due to hawkish remarks from Federal Reserve (Fed) officials and inflation concerns over the resurgence of international oil prices, leading to a synchronized decline across Asian stock markets. However, the decline narrowed in the late session due to the rise in U.S. index futures driven by expectations of U.S. President Joe Biden's visit to Europe."

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