‘Recession fear’ KOSPI and KOSDAQ break new lows every day… Exchange rate exceeded 1300 won
The KOSPI and KOSDAQ indexes recorded year-end lows for two days in a row due to net selling by foreign investors.
On the 23rd, the KOSPI index closed at 2314.32, down 28.49 points (1.22%) from the previous day. This is the lowest level in one year and seven months since 2300.16 on November 2, 2020.
The fact that the index was lowered on that day was largely due to the simultaneous selling of individuals and foreigners. Individuals and foreigners net sold 671.7 billion won and 296.1 billion won, respectively, and institutions net bought 926.4 billion won. Foreigners started net selling for five consecutive trading days from the 17th to this day. In this month alone, foreigners have sold more than 5 trillion won of domestic stocks.
Among the top 10 stocks by market cap, Samsung Biologics (KS:) (0.37%), NAVER (2.18%) and Kia (1.05%) all fell all at once. Samsung Electronics (KS:) (-0.35%) LG Energy Solutions (-0.25%) SK Hynix (KS:) (-2.17%) Samsung Electronics Woo (-1.70%) LG Chem (KS:) (-0.36%) Samsung SDI (-0.74%) and Hyundai Motor (KS:) (-0.29%).
The KOSDAQ index closed at 714.38, down 32.58 points (4.36%). The KOSDAQ index started rising at 747.49, but in the afternoon, it started to fall in earnest, recording a decline of 4% for two days in a row. The closing price is the lowest since 693.15 on June 15, 2020 and the annual low.
In the market, individuals and institutions net sold 64.1 billion won and 1.5 billion won, respectively. Foreigners alone bought 72.6 billion won.
Only Celltrion Healthcare and Alteogen in the top 10 KOSDAQ stocks by market cap rose. EcoproBM and L&F fell nearly 10%, and Chunbo (278280) fell 4.85%. Kakao Games and Pearl Abyss fell 7.89% and 2.6%, respectively.
In the Seoul Foreign Exchange Market, the won/dollar exchange rate ended at 1301.8 won, up 4.5 won from the previous day. It also rose to 1302.8 won during the day. The closing price of 1,300 won is the first in 12 years and 11 months since the closing price of 1315 won on July 13, 2009.
Kim Seok-hwan, a researcher at Mirae Asset Securities, said, “The fact that the U.S. stock market closed down due to economic anxiety was a burden on the domestic market.” The stocks poured in, increasing downward pressure on the index,” he explained.
Read at Money S
