KOSPI Declines on Foreign and Institutional Selling... KOSDAQ Remains Steady
The KOSPI index is weak due to simultaneous selling pressure from foreigners and institutions.
As of 9:19 a.m. on the 22nd, the KOSPI index was trading at 2501.55, down 8.87 points (0.35%) from the previous trading day. The index started the day at 2493.17, down 17.25 points (0.69%), but the decline narrowed afterward. Individuals were the sole net buyers with purchases worth approximately 58.8 billion KRW, while foreigners and institutions were net sellers of about 16.7 billion KRW and 43.5 billion KRW, respectively.
Among the top market capitalization stocks, Hyundai Motor (-0.92%), Kia (-0.84%), NAVER (-0.73%), Samsung Electronics and Samsung Biologics (-0.69%) declined in that order. Samsung SDI and LG Chem rose by 1.61% and 0.20%, respectively.
By sector, textiles and apparel (-0.82%), telecommunications and securities (-0.62%), pharmaceuticals (-0.54%), and transportation and warehousing (-0.51%) showed weakness, while paper and wood (0.39%), machinery (0.24%), and non-metallic minerals (0.18%) recorded gains.
On the 21st (local time), the U.S. stock market closed lower within a narrow range due to the Federal Open Market Committee (FOMC) minutes from the Federal Reserve (Fed) that did not include considerations for an interest rate cut. Weak earnings forecasts from retailers also appeared to contribute to the decline. The Dow Jones Industrial Average fell 62.75 points (0.18%) to 35,088.29, the large-cap S&P 500 index dropped 9.19 points (0.20%) to 4,538.19, and the tech-heavy Nasdaq index closed down 84.55 points (0.59%) at 14,199.98.
At the same time, the KOSDAQ index recorded 816.93, down 0.08 points (0.01%) from the previous close. Individuals were net buyers worth approximately 25.3 billion KRW, while foreigners and institutions were net sellers of about 8.7 billion KRW and 13.3 billion KRW, respectively.
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