China Beijing Re-lockdown Leaves Foreigners 'Alone to Their Fate'... Domestic Stock Market Starts Lower

On the 3rd, as the U.S. Federal Reserve (Fed) took a more hawkish stance than the market expected, the domestic stock market also started lower. This is a view of the Hana Bank dealing room in Jung-gu, Seoul. On that day, the KOSPI opened at 2297.45, down 39.42 points (1.69%) from the previous trading day, and the won-dollar exchange rate started at 1425.3 won, up 7.9 won. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Ji Yeon-jin] The domestic stock market opened lower on the 22nd, influenced by the weak performance of the U.S. stock market amid growing concerns over an economic downturn due to China's COVID-19 lockdowns.

On this day, the KOSPI index started trading at 2405.96, down 13.54 points (0.56%) from the previous day. In the early session, foreign investors were the sole net sellers, offloading about 26 billion KRW worth of stocks, while individual and institutional investors were buying stocks worth 18.8 billion KRW and 10.2 billion KRW, respectively.

The KOSDAQ index also opened lower at 716.24, down 2.33 points (0.32%). Individual investors were net buyers of approximately 18.8 billion KRW, whereas foreign and institutional investors were net sellers of 18.8 billion KRW and 6.2 billion KRW, respectively.

Recently, China’s daily new COVID-19 cases have exceeded 20,000 for three consecutive days since the 16th, reaching levels last seen earlier this year when record highs were recorded. Additionally, reports of COVID-19 related deaths in Beijing led the U.S. stock market to close slightly lower the previous day. Economic lockdown measures, including the sealing off of six central districts near Beijing and the closure of indoor crowded facilities in Beijing, have been implemented, reigniting concerns about an economic downturn.

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