KOSPI Plummets 1.75% Amid Concerns Over Additional US Tightening
On the 21st, the KOSPI fell nearly 2%, dropping to the 2510-point range. This is attributed to a sharp decline in investor sentiment amid growing concerns over additional interest rate hikes by the U.S. Federal Reserve (Fed).
On that day, the KOSPI closed at 2,514.97, down 44.77 points (1.75%) from the previous trading day. Individual investors net bought 767.1 billion KRW, while institutions and foreigners net sold 721.2 billion KRW and 68.2 billion KRW, respectively.
Leading stocks in the KOSPI market capitalization group all closed lower. Samsung Electronics ended trading at 68,900 KRW, down 1.01% from the previous day. LG Chem (-4.72%), Samsung SDI (-4.44%), NAVER (-3.45%), and POSCO Holdings (-2.86%) experienced relatively larger declines.
Kim Seok-hwan, a researcher at Mirae Asset Securities, said, "Due to concerns over the prolonged tightening stance in the U.S., Asian stock markets broadly showed weakness," adding, "The won-dollar exchange rate surged more than 10 won during the session, strengthening the preference for safe-haven assets." He further noted, "In particular, the hawkish stance of the Fed led to a sharp drop in U.S. tech stocks, increasing downward pressure on semiconductor and secondary battery-related stocks."
The KOSDAQ index closed at 860.68, down 22.04 points (2.50%) from the previous trading day. Individual investors net bought 377.9 billion KRW, while institutions and foreigners net sold 254.4 billion KRW and 115.4 billion KRW, respectively.
Among the top market capitalization stocks in KOSDAQ, EcoPro (1.89%) and Alteogen (3.52%) closed higher. Conversely, Rainbow Robotics (-6.29%), JYP Ent. (-4.41%), and L&F (-4.17%) closed lower.
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Meanwhile, in the Seoul foreign exchange market, the won-dollar exchange rate closed at 1,339.7 won, up 9.6 won. This is the highest level in about a month since last month’s 23rd (1,339.7 won) based on closing prices.
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