by Oh Yukyo
Published 14 Feb.2024 11:07(KST)
The KOSPI is threatening the 2600 level during the session due to simultaneous selling pressure from foreigners and institutions.
As of 10:55 a.m. on the 14th, the KOSPI is trading at 2,612.16, down 37.48 points (1.41%) from the previous session. The KOSPI index opened at 2,609.60, down 40.04 points from the previous trading day, fell to 2,601.99 in the early session, and is now moving around the 2,610 level.
By investor type, foreigners sold 110.4 billion KRW and institutions sold 309.8 billion KRW. Institutions and foreigners, who had continued net buying for three consecutive trading days, switched to selling after four days. On the other hand, individuals, who had been net sellers for three consecutive days, bought 450.6 billion KRW.
By sector, all sectors except electric and gas utilities (0.55%) and non-metallic minerals (0.11%) are declining. Steel and metals (-2.07%), distribution (-2.08%), and transportation and warehousing (-2.15%) are showing declines exceeding 2%.
By stock, 269 stocks are rising, 601 stocks are falling, and 61 stocks are unchanged. All of the top 25 companies by market capitalization are declining. SK Hynix (-3.00%), KB Financial Group (-3.44%), POSCO Future M (-3.08%), and LG Chem (-4.03%) are all down more than 3%.
The U.S. stock market closed lower across the board on the previous day (local time) due to a higher-than-expected Consumer Price Index (CPI) result. All sectors were down. The January CPI was 3.1%, exceeding the market forecast of 2.9%. The higher-than-expected inflation dampened expectations for interest rate cuts. The yield on the U.S. 2-year Treasury note surged by 0.187 percentage points from 4.467% to 4.654%, and the Dollar Index, which measures the value of the dollar against six major currencies, rose 0.67 points to 104.84 compared to the previous day.
The KOSDAQ index is trading at 840.46, down 4.82 points (0.55%).
By investor type, foreigners sold 164 billion KRW and institutions sold 94.1 billion KRW. Individuals bought 269.7 billion KRW.
623 stocks are rising, 894 stocks are falling, and 121 stocks are unchanged. Among the top market capitalization stocks, Enchem (1.68%), JYP Ent. (1.74%), EO Technics (3.45%), and Soulbrain (2.19%) are rising. Conversely, Ecopro BM (-4.38%), Ecopro (-5.35%), and Shinseong Delta Tech (-8.05%) are showing weakness.
Han Ji-young and Kim Ji-hyun, researchers at Kiwoom Securities, said, "Considering the expectations for 'corporate value-up programs' remaining in low PBR sectors, low PBR sectors may be advantageous in responding to today's market. In the short term, increased volatility in supply and demand is expected in low PBR sectors such as banks and automobiles."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.