KOSPI Starts Slightly Lower... Threatening the 2500 Level

by Son Seonhee

Published 10 May.2023 09:20(KST)

On the 10th, the KOSPI showed a slightly weak trend in the early session.

As of 9:10 a.m. that day, the KOSPI was at 2,503.80, down 6.26 points (0.25%) from the previous trading day. Individual investors were net buyers of 57 billion KRW, while foreigners and institutions were net sellers of 21.4 billion KRW and 34.9 billion KRW, respectively.

The top market capitalization groups showed mixed trends with minor decimal fluctuations overall. Samsung Electronics was trading down 0.77% at 64,800 KRW, and LG Energy Solution was up 0.53% at 566,000 KRW.

At the same time, the KOSDAQ index was at 834.49, down 1.36 points (0.16%). Individual investors were net buyers of 32.5 billion KRW, while foreigners and institutions were net sellers of 24.1 billion KRW and 7.9 billion KRW, respectively.

The top market capitalization groups in KOSDAQ were all declining. EcoPro BM was down 0.21% at 236,500 KRW, and EcoPro was down 0.64% at 619,000 KRW. Celltrion Healthcare (-0.95%), L&F (-0.20%), and HLB (-1.26%) were also on a downward trend.

Han Ji-young, a researcher at Kiwoom Securities, said, "The market, which had successfully digested major events such as the early May Federal Open Market Committee (FOMC) meeting, Apple earnings, and employment indicators, seems to have entered a cautious phase this week while awaiting the Consumer Price Index (CPI) results." She added, "It is expected to be influenced by existing U.S.-related factors such as the U.S. CPI, the decline in the Philadelphia Semiconductor Index, and debt ceiling negotiations." She further noted, "It is necessary to pay attention to the fact that electric vehicle-related stocks such as Tesla and Nikola showed weakness due to concerns over poor earnings in the U.S. stock market, which may increase price and supply-demand volatility of domestic secondary battery stocks today."