Foreigners Sell Amid US Targeting and Semiconductor-Led Economic Downturn Concerns... KOSPI at 2450 'On the Edge'

[Image source=Yonhap News]

[Asia Economy Reporter Myunghwan Lee] On the afternoon of the 17th, the KOSPI is engaged in a tug-of-war around the 2450 level as the decline widens. This appears to be influenced by concerns over an economic recession triggered by Micron's production cuts and Target's poor earnings in the U.S. stock market. Foreign investors continue their net selling trend following the morning session.

As of 2:40 PM, the KOSPI is at 2450.15, down 1.10% (27.30 points) from the previous trading day. The KOSPI opened at 2466.50, down 0.44% (10.95 points) from the previous day, and the downward trend has somewhat intensified.

In the securities market, foreign investors have increased their selling pressure by offloading 357.7 billion KRW. Institutional investors, who were net buyers in the morning session, have turned to net sellers with 29.2 billion KRW in net sales. Individual investors are the only ones buying, purchasing stocks worth 384.4 billion KRW.

Among the top market capitalization stocks in the securities market, semiconductor stocks continue to decline. SK Hynix is trading at 88,100 KRW, down 3.72% (3,400 KRW) from the previous day, and Samsung Electronics is down 1.91% (1,200 KRW) at 61,500 KRW. Samsung Electronics Preferred shares are also trading down 2.24%. Samsung SDI (-2.22%), Kia (-1.62%), and NAVER (-0.79%) are also on the decline. Only Samsung Biologics is up 0.34% from the previous day. LG Energy Solution remains unchanged at 600,000 KRW.

At the same time, the KOSDAQ index is at 736.66, down 0.87% (6.44 points) from the previous trading day. The KOSDAQ opened at 740.62, down 0.33% (2.48 points) from the previous day, and the decline has somewhat increased.

Foreign investors are also net sellers in the KOSDAQ market, selling 91.3 billion KRW. Institutions are selling 79.2 billion KRW. Only individual investors are net buyers, purchasing stocks worth 182.7 billion KRW.

Among the top market capitalization stocks in KOSDAQ, second battery-related stocks are experiencing significant declines. Cheonbo is trading at 246,400 KRW, down 5.38% (14,000 KRW) from the previous day, along with EcoPro BM (-1.24%) and L&F (-3.02%). Rino Industrial is the only top market cap stock rising, up 5.41% (8,500 KRW) to 165,500 KRW.

Meanwhile, due to the 2023 College Scholastic Ability Test (CSAT) being held today, the regular trading hours of the domestic stock market are delayed by one hour, running from 10:00 AM to 4:30 PM.

Lee Kyung-min, a researcher at Daishin Securities, commented on the KOSPI decline today, stating, "The increase in retail sales is attributed to temporary factors such as an early Black Friday and hurricanes, along with continued poor earnings from Target, which has led to concerns over future consumption and economic deterioration, resulting in a contraction of investor sentiment."

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