Kospi Cuts Losses After 3% Slide, Holds 7,220 as Samsung Electronics, SK Hynix Turn Higher
Summary
- The Kospi at one point tumbled 3%% and briefly fell below the 7,000 level, but pared some of its losses after Samsung Electronics and SK Hynix turned higher.
- On the benchmark market, foreign investors were net sellers of 1.7945 trillion won, while retail and institutional investors were net buyers.
- The Kosdaq fell more than 4%% intraday before recouping part of its losses, with foreign and institutional selling offset by net buying from retail investors.
Forecast Trend Report by Period
The Kospi remained under pressure on May 20 as foreign investors continued to sell. The benchmark index at one point fell 3% and briefly slipped below 7,000, before paring some of its losses as Samsung Electronics Co. and SK Hynix Inc. turned higher.
As of 11:04 a.m., the Kospi was down 47.63 points, or 0.66%, at 7,224.03. The index opened 0.73% higher, turned lower within three minutes, and later widened its intraday decline to 3% before recovering part of the drop.
On the benchmark market, foreign investors were net sellers of 1.7945 trillion won. Retail and institutional investors were net buyers of 845.4 billion won and 867.4 billion won, respectively.
Among the Kospi's biggest stocks by market capitalization, Hyundai Motor Co., LG Energy Solution Ltd., Samsung Electro-Mechanics Co., Doosan Enerbility Co., Hanwha Aerospace Co. and Samsung Biologics Co. were lower. Samsung Electronics, SK Hynix, SK Square Co., HD Hyundai Heavy Industries Co. and Samsung Life Insurance Co. were higher.
The Kosdaq was down 25.23 points, or 2.33%, at 1,059.13 at the same time. The index opened 0.31% lower and at one point fell more than 4% during the session, before recouping some of its losses.
On the Kosdaq market, foreign investors and institutions were net sellers of 61 billion won and 5.9 billion won, respectively, while retail investors were net buyers of 74.4 billion won.
Among the Kosdaq's largest stocks by market capitalization, Alteogen Inc., EcoPro BM Co., EcoPro Co., Rainbow Robotics, Kolon TissueGene Inc., Samchundang Pharm Co., LHB Co. and ABL Bio Inc. were lower. Jusung Engineering Co. and Leeno Industrial Inc. were higher.
Ko Jung-sam, Hankyung.com reporter, jsk@hankyung.com
Korea Economic Daily
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