KOSPI and KOSDAQ Close Lower Together... Foreigners and Institutions Net Sellers

by Son Seonhee

Published 23 Aug.2023 15:47(KST)

On the 23rd, both the KOSPI and KOSDAQ indices closed lower.

On that day, the KOSPI index closed at 2,505.50, down 10.24 points (0.41%) from the previous trading day. Institutional investors and institutions sold a net amount of 88.2 billion KRW and 7.5 billion KRW respectively, while individuals bought a net amount of 93.6 billion KRW.

Among the top market capitalization groups in the KOSPI market, only Samsung Electronics (0.75%) closed slightly higher, while all other stocks declined. LG Energy Solution (-2.60%), NAVER (-2.49%), Samsung SDI (-2.01%), and LG Chem (-1.96%) ended the day weaker.

Kim Seok-hwan, a researcher at Mirae Asset Securities, analyzed, "With simultaneous net selling by foreigners and institutions, the market showed a weak trend from the early session." He added, "In particular, the KOSDAQ's decline was contributed about 69% by secondary battery and gaming-related stocks." He further noted, "It is important to pay attention to the continued concentration of demand on themes such as superconductors and Maxin, mainly among individual investors recently," and "It is also necessary to note the delay in the improvement of earnings forecasts that can confirm the fundamentals of the domestic stock market."

The KOSDAQ index closed at 882.87, down 10.46 points (1.17%) from the previous trading day. Although individual investors bought a net amount of 254.4 billion KRW, foreigners and institutions sold net amounts of 171.5 billion KRW and 79.8 billion KRW respectively, which widened the decline.

Among the top market capitalization groups in KOSDAQ, Pearl Abyss closed at 46,300 KRW, down 14.26% in a single day. Despite recent new game video releases and optimistic forecasts from the securities industry, the stock price showed a sluggish performance. L&F (-5.19%), EcoPro BM (-4.89%), and HLB (-3.77%) also closed lower.