KOSPI Falls 0.37% to 2320 Level Amid Institutional Selling Pressure

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The KOSPI is showing weakness as institutional selling continues.

As of 9:17 a.m. on the 2nd, the KOSPI index stood at 2326.48, down 8.74 points (0.37%) from the previous trading day. The index opened at 2326.05, down 9.17 points (0.39%) on the day. Individuals and foreigners were net buyers of approximately 113.9 billion KRW and 28 billion KRW respectively, while institutions were net sellers of about 140.5 billion KRW.

Among the top market capitalization stocks, Celltrion fell the most sharply by 2.42%. It was followed by Samsung Biologics (-1.59%) and Samsung SDI (-1.58%). On the other hand, Naver (2.05%), LG Energy Solution (1.24%), LG Chem (0.58%), and SK Hynix (0.48%) showed gains.

By sector, pharmaceuticals (-1.63%), machinery (-1.62%), and transportation and warehousing (-1.09%) were weak. Conversely, construction (0.70%) and steel & metals (0.61%) sectors rose.

The KOSPI is weak ahead of the Federal Open Market Committee (FOMC) meeting of the U.S. Federal Reserve in November, as the U.S. stock market closed lower. On the 1st (local time), the S&P 500 index, focused on large-cap stocks, closed at 3856.10, down 15.88 points (0.41%), the tech-heavy Nasdaq index fell 97.30 points (0.89%) to 10,890.85, and the Dow Jones Industrial Average dropped 79.75 points (0.24%) to 32,653.20.

Han Ji-young, a researcher at Kiwoom Securities, explained, "Due to some profit-taking following the recent short-term rally breaking through the 2300 level, and cautious sentiment ahead of the November FOMC, downward pressure is expected."

At the same time, the KOSDAQ index is also weak. It was recorded at 695.35, down 4.70 points (0.67%) from the previous day. It opened at 697.40, down 2.65 points (0.38%) from the previous trading day. Individuals bought about 71.5 billion KRW, while foreigners and institutions were net sellers of approximately 44.6 billion KRW and 26.1 billion KRW respectively.

Among the top market capitalization stocks, Kakao Games (-3.16%), HLB (-2.46%), and Celltrion Pharm (-1.79%) declined, while Cheonbo rose by 0.69%.

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