Foreign and Institutional Selling Pushes Domestic Stock Market Down Again... KOSPI at 2470 Level

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The KOSPI index, which had once turned upward, is widening its losses in the afternoon of the 16th.

As of 1:35 PM on the day, the KOSPI index was recorded at 2470.12, down 10.21 points (0.41%) from the previous trading day. The index fell to as low as 2446.79 earlier in the day, then narrowed its losses and even turned upward. However, it later resumed its downward trend and the losses are increasing. Individual investors net bought about 298.8 billion KRW, but foreigners and institutions net sold 194.4 billion KRW and 101 billion KRW respectively.

Among the top market capitalization stocks, Samsung Biologics (-2.76%), Naver (NAVER) (-2.34%), Hyundai Motor (-1.43%), Kakao (-1.02%), Kia (-0.88%), LG Chem (-0.56%), and Samsung SDI (-0.14%) showed weakness. Samsung Electronics remained flat. LG Energy Solution and SK Hynix rose by 0.67% and 0.11%, respectively.

By sector, non-metallic minerals (-3.01%), pharmaceuticals (-2.73%), transportation and warehousing (-1.92%), transportation equipment (-0.81%), and medical precision (-0.72%) were weak. On the other hand, food and beverage (0.98%), electric and gas utilities (0.66%), distribution (0.26%), and finance (0.16%) sectors rose.

The domestic stock market is showing weakness influenced by news that a missile, presumed to be launched by Russia, fell in Poland. However, U.S. President Joe Biden held an emergency meeting with allied countries and stated, "It does not seem highly likely that it was launched from Russia."

At the same time, the KOSDAQ index also recorded 742.29, down 2.67 points (0.36%) from the previous trading day. The KOSDAQ index has been fluctuating but is currently declining due to selling pressure from foreigners and institutions. Foreigners and institutions net sold 164.3 billion KRW and 3.2 billion KRW respectively. Individual investors net bought about 198.7 billion KRW.

Among the top market capitalization stocks, EcoPro BM and HLB fell more than 3%. Additionally, Celltrion Pharm (-2.77%), Celltrion Healthcare (-2.63%), and EcoPro (-1.96%) were also weak.

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