Foreigners and Institutions Sell Together, KOSPI Closes Down Over 1%... Falls Below 2410 Level

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jaehee] The KOSPI index closed down more than 1% due to simultaneous selling by foreigners and institutions. The index slipped to the 2400 level.

On the 28th, the KOSPI index closed at 2408.27, down 1.21% (29.59 points) from the previous trading day. The index opened at 2425.05, down 0.53% (12.81 points) from the previous day, and during the session, it fell as low as 2401.95, widening the decline.

By investor type, foreigners and institutions sold stocks worth 123.9 billion KRW and 266.2 billion KRW, respectively. Meanwhile, individual investors alone bought stocks worth 353.7 billion KRW.

The market fell further as investor sentiment froze due to increased uncertainty from China, along with other Asian markets.

China continues to maintain strict 'Zero COVID' measures amid the spread of COVID-19 cases, but Chinese citizens, tired of prolonged lockdowns, held acts of civil disobedience protests in various places over the past weekend.

Lee Kyungmin, a researcher at Daishin Securities, explained, "Risk appetite retreated due to risks originating from China and North Korea," adding, "Last week's Black Friday in the U.S. did not have enough influence to significantly stimulate year-end consumer sentiment, which also had a negative effect."

Among the top 10 KOSPI market capitalization stocks, most recorded declines. Influenced by the previous day's drop in the U.S. Philadelphia Semiconductor Index, Samsung Electronics (-1.48%) and SK Hynix (-2.35%) fell sharply. LG Energy Solution (-1.58%), Samsung Biologics (-1.99%), LG Chem (-0.28%), Samsung Electronics Preferred (-1.08%), and NAVER (-2.43%) also declined. Kia closed flat.

By sector, all sectors fell in unison. These included pharmaceuticals (-1.73%), textiles and apparel (-1.71%), services (-1.63%), securities (-1.62%), transportation and warehousing (-1.60%), finance (-1.48%), and electrical and electronics (-1.29%).

On the same day, the KOSDAQ closed at 717.90, down 2.13% (15.66 points) from the previous trading day. The KOSDAQ opened at 731.81, down 0.24% (1.75 points) from the previous day.

By investor type, individual investors again were net buyers with 207.7 billion KRW worth of stocks, while foreigners and institutions sold stocks worth 75.7 billion KRW and 126.4 billion KRW, respectively.

Among the top 10 market capitalization stocks, only EcoPro closed flat, while all other stocks ended lower. These included EcoPro BM (-3.44%), Celltrion Healthcare (-1.85%), L&F (-0.23%), HLB (-6.21%), Kakao Games (-3.50%), Pearl Abyss (-2.95%), Rino Industries (-0.87%), Celltrion Pharm (-2.86%), and Chunbo (-1.88%).

By sector, only paper and wood (0.04%) recorded gains, while all other sectors fell. The largest decline was in telecommunications services, down 3.89%, followed by digital content (-3.79%), computer services (-2.86%), IT software (-2.86%), transportation equipment parts (-2.80%), and pharmaceuticals (-2.77%).

Meanwhile, the trading value on the KOSPI and KOSDAQ markets for the day was recorded at 6.3636 trillion KRW and 5.3228 trillion KRW, respectively.

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