KOSPI Extends Decline Amid Foreign Selling Pressure

by Jang Hyowon

Published 24 Apr.2023 10:14(KST)

The KOSPI index is extending its decline in the early session, pressured by foreign selling.

As of 10:03 a.m. on the 24th, the KOSPI index is trading at 2,534.36, down 10.04 points (0.39%) from the previous day.

[Image source=Yonhap News]

On this day, the KOSPI index started slightly lower following the previous day’s flat performance in the New York stock market. Subsequently, foreign selling emerged, weighing on the market. By investor type, institutions and individuals were net buyers of 8.6 billion KRW and 23.6 billion KRW respectively, while foreigners were net sellers of 30.6 billion KRW, pressuring the index.

By sector, the electric and gas utilities sector recorded a large decline of 7.44%. Other weak sectors include precision medical equipment -1.25%, construction -1.2%, transportation and warehousing -1.17%, food and beverages -1.15%, paper and wood -1.19%, and non-metallic minerals -1.27%. On the other hand, transportation equipment rose 1.15%, pharmaceuticals 0.77%, and machinery 0.5%, showing slight gains.

Among the top market capitalization stocks, performances are mixed. Samsung Electronics is down 0.91%, LG Energy Solution -0.35%, SK Hynix -1.35%, Samsung SDI -0.27%, and POSCO Future M -1.98%. Conversely, Samsung Biologics is up 1.53%, LG Chem 0.13%, Hyundai Motor 0.42%, POSCO Holdings 1.64%, and Kia 0.72%, showing strength.

At the same time, the KOSDAQ index is also extending its losses. The KOSDAQ index is trading at 861.07, down 7.75 points (0.89%) from the previous day. By investor type, institutions and foreigners were net sellers of 42.3 billion KRW and 64.9 billion KRW respectively, while individuals were net buyers of 119.8 billion KRW, defending the index.

By market capitalization ranking, performances are mixed. Ecopro BM is down 0.55%, L&F -4.96%, HLB -1.43%, Osstem Implant -0.05%, and Pearl Abyss -0.23% are weak. Meanwhile, Ecopro is up 4.53%, Celltrion Healthcare 0.43%, Celltrion Pharm 0.83%, and Kakao Games 0.5% are strong.

Meanwhile, the won/dollar exchange rate is moving up 1.7 won from the previous day to 1,329.9 won.