KOSPI Falls After 3 Trading Days... Closes at 2570 Level

Published 31 May.2023 16:21(KST)

The KOSPI index closed lower on the 31st after three consecutive days of gains. It lost momentum due to institutional selling and ended the day down.

The KOSPI stood at 2,577.12, down 0.32% (8.40 points) from the previous trading day. The index touched the 2,596 level during the session, marking a year-to-date high, but reversed to a decline in the afternoon. On the day, individual and foreign investors were net buyers of 63.1 billion KRW and 220.7 billion KRW respectively, while institutions were net sellers of 288 billion KRW.

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Among the top 10 KOSPI stocks by market capitalization, most fell. Samsung Electronics (-1.24%), SK Hynix (-1.54%), LG Chem (-1.28%), Samsung Electronics Preferred (-2.98%), Hyundai Motor (-0.25%), and Naver (-0.99%) declined. In contrast, LG Energy Solution (+3.28%), Samsung Biologics (+0.77%), and Kia (+0.35%) rose.

Industries such as airlines, household goods, electrical products, electric utilities, and biotechnology rose by about 2-3%. Meanwhile, education services, cosmetics, display panels, shipbuilding, and specialty retail sectors fell by about 2-3%.

Isu Specialty Chemical and Isu Chemical, which were re-listed after a spin-off from Isu Chemical, hit the daily upper limit. Last November, Isu Chemical decided on a spin-off separating its petrochemical business (Isu Chemical) and precision chemical business (Isu Specialty Chemical).

The KOSDAQ index closed at 856.94, up 0.64% (5.44 points) from the previous day. The KOSDAQ maintained strength throughout the session. On the KOSDAQ, individuals sold 233.9 billion KRW alone, while foreigners and institutions bought 136.4 billion KRW and 111.4 billion KRW respectively.

The top KOSDAQ stocks by market capitalization showed mixed directions. Ecopro BM (+4.18%), Ecopro (+3.11%), Celltrion Healthcare (+0.27%), L&F (+3.45%), Pearl Abyss (+6.28%), and Osstem Implant (+0.11%) closed higher. HL Biopharma (-0.67%), JYP Entertainment (-0.16%), Celltrion Pharm (-0.47%), and Kakao Games (-0.26%) closed lower.