'Plummeting to Three Years Ago' KOSDAQ Hits Yearly Low... Intensified Battle for Market Cap No.1

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] The KOSDAQ index has plummeted to the level it was three years ago. Continuing its recent plunge, the KOSDAQ closed down nearly 3% on the 13th, eventually falling to the 650 level. This marks not only a yearly low but also the lowest level in three years.

According to the Korea Exchange on the 13th, the KOSDAQ index closed at 651.72, down 2.97% from the previous trading day. This is the lowest level since October 2019. The KOSDAQ started at the 669 level and during the session dropped more than 3%, falling as low as 650.39.

The cause is an expansion of sell-offs. With the U.S. Consumer Price Index (CPI) announcement approaching, investor sentiment sharply froze, leading to a flood of sell orders. Park Kwang-nam, a researcher at Mirae Asset Securities, explained, "With investor sentiment weakened, foreign selling in futures due to options expiration expanded, causing the index to decline."

On the day, foreigners sold about 41.3 billion KRW in the KOSDAQ market. Institutions also net sold 4.6 billion KRW.

The market capitalization rankings are also changing, intensifying competition. Until the previous day, Celltrion Healthcare, the leading stock, fell 1.08% to close at 64,100 KRW, dropping to second place. EcoPro BM, which rose 5.23% to close at 104,700 KRW on the day, took the top spot.

Trading volume on the day was 1,028.45 million shares, and trading value totaled 5.363524 trillion KRW. Including six stocks hitting the upper limit, 118 stocks rose, while 1,385 stocks, including one hitting the lower limit, declined. Twenty-one stocks closed unchanged.

Meanwhile, the most eye-catching stock in the KOSDAQ market on the day was ShillaJen, whose trading resumed. ShillaJen surged sharply in the early session, moderated its gains, then headed straight to the upper limit at lunchtime and maintained that price until the market closed. The previous afternoon, the Korea Exchange announced that the KOSDAQ Market Committee decided to maintain ShillaJen's listing. As a result, trading of ShillaJen shares resumed after about two years and five months since being suspended in May 2020.

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