KOSPI and KOSDAQ Start Lower... Foreigners and Institutions Sell in Tandem

Dealers are working in the dealing room of Hana Bank in Euljiro, Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Yoon-joo] The KOSPI and KOSDAQ indices started lower on the 13th. The decline appears to be widening due to combined selling by foreigners and institutions. This is interpreted as a result of increased caution ahead of the U.S. stock market decline the previous day and the upcoming release of the U.S. September Consumer Price Index (CPI) tonight.

As of 9:15 a.m., the KOSPI index is at 2,191.54, down 0.50% (10.93 points) from the previous day. The KOSPI opened at 2,198.29, down 0.19% (4.18 points) on the day.

Foreigners and institutions are pulling the index down. Foreigners and institutions are net selling 29.4 billion KRW and 45.2 billion KRW, respectively. Foreigners are selling 303.6 billion KRW in the futures market. Individuals are net buying 76.9 billion KRW.

Among the top market capitalization stocks, LG Energy Solution is up 1.04%, Kia 1.03%, and Celltrion 0.91%. The rest are all declining. Naver is down the most at -2.78%, followed by Samsung SDI at -1.31% and Samsung Electronics at -0.54%.

Naver’s decline is attributed to weakened investor sentiment due to a forecasted slowdown in third-quarter earnings. On the day, Kyobo Securities analyst Kim Dong-woo said, "Naver’s third-quarter revenue is expected to be 2.0641 trillion KRW (up 19.5% year-over-year), in line with market expectations, but operating profit is expected to be 320.1 billion KRW (down 8.5% year-over-year, operating profit margin (OPM) 15.5%) due to a slowdown in growth of the high-margin advertising business," and anticipated it would fall short of the consensus estimate of 349.7 billion KRW.

As of 9:21 a.m., the KOSDAQ is trading at 662.79, down 1.32% (8.88 points) from the previous day. The KOSDAQ opened at 669.36, down 0.34% (2.31 points), but the decline is expanding to over 1%.

The KOSDAQ index is also falling due to combined selling by foreigners and institutions. Foreigners and institutions are net selling 62.3 billion KRW and 17.2 billion KRW, respectively. Meanwhile, individuals are net buying 79.0 billion KRW.

The top market capitalization stocks show mixed trends. Pearl Abyss is down 8.91%, Kakao Games -5.53%, HLB -3.86%, and Reno Industrial -0.36%. On the other hand, EcoPro BM is up 1.21%, JYP Entertainment 1.06%, Celltrion Healthcare 0.62%, Celltrion Pharm 0.16%, and L&F 0.15%.

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