Kospi Slides More Than 3% After Topping 8,000 as Foreign, Institutional Investors Sell
Summary
- The Kospi turned down more than 3%% after breaking above 8,000 in early trading as profit-taking selling emerged.
- Foreign investors were posting 2.7514 trillion won in net selling, institutions were showing 436.5 billion won in net selling, and retail investors were recording 3.0847 trillion won in net buying.
- Shares of major companies by market value, including Samsung Electronics and SK Hynix, were falling, while the Kosdaq index was also down more than 3%%.
Forecast Trend Report by Period
South Korea’s Kospi turned sharply lower on May 15, falling more than 3% in intraday trading after briefly climbing above 8,000 as investors took profits.
As of 11:23 a.m., the benchmark index was down 254.44 points, or 3.19%, at 7,726.97. The Kospi opened 0.37% lower, then turned positive early in the session and rose as high as 8,046 before profit-taking pushed it down. It fell to as low as the 7,630 range at one point.
Foreign and institutional investors were driving the decline. Foreign investors were net sellers of 2.7514 trillion won on the Kospi, while institutions were net sellers of 436.5 billion won. Retail investors were net buyers of 3.0847 trillion won.
Most of the Kospi’s largest stocks by market capitalization were lower. Samsung Electronics and SK Hynix were down 5.24% and 3.65%, respectively. Samsung Electronics preferred shares fell 4.49%, SK Square dropped 4.7%, LG Energy Solution lost 2.15% and Doosan Enerbility declined 4.01%. Hyundai Motor and Samsung Electro-Mechanics rose.
The Kosdaq index was also down more than 3%. As of the same time, it had fallen 3.05% from the previous session to 1,154.74.
Noh Jung-dong, Hankyung.com reporter, dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
