Stock Market Weak Amid Foreign and Institutional Joint Selling Pressure... KOSDAQ Turns to Decline...
[Asia Economy Reporter Kwon Jae-hee] On the 28th, both the KOSPI and KOSDAQ started higher, but the KOSDAQ reversed to a decline amid selling pressure from foreigners and institutions during the session. With the exchange rate cited as a variable, attention is focused on whether the Korean stock market will rebound, supported by expectations for the earnings season and China's economic stimulus measures.
As of 11:15 a.m. on the 28th, the KOSPI was at 2,649.02, up 0.38% (9.96 points) from the previous trading day. The KOSPI opened the day at 2,656.54, up 0.66% (17.48 points) from the previous trading day.
By investor type, individuals were the sole buyers with purchases worth 98.9 billion KRW. In contrast, foreigners and institutions sold stocks worth 25.7 billion KRW and 80.5 billion KRW, respectively.
Han Ji-young, a researcher at Kiwoom Securities, analyzed, "Regardless of value or growth stocks, the market is assigning more premium to earnings or future growth. Therefore, during the remaining earnings season, buying interest will flow only into companies that present positive earnings forecasts not only for the first quarter but also for the next two to three quarters."
By sector, all sectors rose except for Paper & Wood (-1.01%), Telecommunications (-0.54%), Electrical & Electronics (-0.53%), Medical Precision (-0.5%), Food & Beverage (-0.45%), and Machinery (-0.12%). Construction (3.41%) showed the largest gain, followed by Chemicals (2.11%), Distribution (1.89%), Steel & Metals (1.70%), Electricity & Gas (1.59%), Pharmaceuticals (1.35%), Transportation & Warehousing (1.30%), Insurance (0.90%), and Finance (0.77%).
Among the top 10 KOSPI market cap stocks, all rose except Samsung Electronics (-0.46%), LG Energy Solution (-1.20%), Samsung Electronics Preferred (-0.17%), and Samsung SDI (-0.34%). SK Hynix (0.46%), Samsung Biologics (2.47%), NAVER (0.18%), Hyundai Motor (0.53%), Kakao (0.79%), and LG Chem (6.26%) recorded gains.
At the same time, the KOSDAQ index stood at 890.24, down 0.66% (5.94 points) from the previous trading day. The KOSDAQ opened at 900.43, up 0.47% (4.25 points), but gave up all intraday gains and turned lower.
Looking at investor trends, in the KOSDAQ market, individuals were the sole buyers with purchases worth 280.5 billion KRW, while foreigners and institutions sold stocks worth 225.9 billion KRW and 40.8 billion KRW, respectively.
By sector, Construction (0.95%), Distribution (0.70%), Chemicals (0.56%), Food & Beverage/Tobacco (0.42%), and Metals (0.36%) recorded gains, while Digital Content (-2.35%), Publishing/Media Replication (-1.73%), IT Components (-1.57%), Textiles/Apparel (-1.52%), IT Software (-1.47%), IT Hardware (-1.37%), Semiconductors (-1.35%), Internet (-1.17%), and Medical/Precision Instruments (-1.02%) declined.
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Top market cap stocks showed mixed performance. Ecopro BM (-0.49%), L&F (-2.53%), Pearl Abyss (-9.16%), and Rino Industries (-2.03%) declined, while Celltrion Healthcare (2.60%), Kakao Games (1.52%), Celltrion Pharm (2.24%), HLB (0.34%), CJ ENM (1.22%), and Cheonbo (0.30%) recorded gains.
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