KOSPI and KOSDAQ Start Down 1%... IT Stocks Show Notable Weakness

by Hwang Yoonju

Published 06 May.2022 09:19(KST)

KOSPI Declines Further After Opening
KOSPI Big Tech and KOSDAQ Game Stocks See Largest Drops

On the 27th, when the KOSPI and KOSDAQ indices plunged by over 2%, dealers were working in the dealing room of Hana Bank in Euljiro, Seoul. The U.S. stock market sharply declined due to concerns over a slowdown in the economic recession and earnings uncertainty of big tech companies, which appears to have caused a chain reaction. Photo by Moon Honam munonam@

[Asia Economy Reporter Hwang Yoon-joo] On the 6th, the KOSPI started lower and widened its losses due to the impact of the U.S. stock market plunge in the previous trading session.

As of 9:00 a.m. that day, the KOSPI was at 2,640.04, down 37.53 points (-1.38%) from the previous close. Foreigners and institutions were net sellers of 29.9 billion KRW and 28.1 billion KRW, respectively. Individuals were the only net buyers, purchasing 53.3 billion KRW.

The number of advancing stocks was 143, while declining stocks totaled 725.

Among the top market capitalization stocks, all were falling except for Kia. Samsung Electronics was down 1.47%, LG Energy Solution -2.12%, SK Hynix -1.37%, Samsung Biologics -1.72%, Naver -3.90%, Samsung SDI -0.98%, Hyundai Motor -0.54%, Kakao -3.93%, and LG Chem -0.77%. In contrast, only Kia reversed to an increase, rising 0.84%.

By sector, all were in decline. The service sector had the highest drop at -2.67%. Pharmaceuticals fell 1.69%, electrical and electronics -1.44%, steel and metals -1.48%, and distribution -1.30% in order.

The KOSDAQ, as of 9:12 a.m., was at 889.64, down 10.42 points (1.16%) from the previous day. Foreigners were net buyers of 20.7 billion KRW, but individuals and institutions were net sellers of 7.7 billion KRW and 12.8 billion KRW, respectively, pulling the index down.

The number of declining stocks on the KOSDAQ was overwhelmingly 1,233. Only 182 stocks were advancing.

Among the top 10 KOSDAQ stocks by market capitalization, only EcoPro BM +0.60% and HLB +1.02% were rising. Kakao Games -2.05% and Pearl Abyss -2.75% had the largest declines.