Kospi Slides More Than 3% After Briefly Topping 8,000 as Foreign, Institutional Selling Intensifies
Forecast Trend Report by Period
The Kospi fell more than 3% in intraday trading on May 15 after briefly breaking above 8,000 early in the session, as profit-taking emerged.
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 higher and climbed to as much as 8,046 before retreating. At one point, it fell back to the 7,630 level as profit-taking selling gathered pace.
Foreign and institutional investors were leading the selloff. 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 companies by market capitalization were lower. Samsung Electronics and SK Hynix fell 5.24% and 3.65%, respectively. Samsung Electronics preferred shares dropped 4.49%, while SK Square fell 4.7%, LG Energy Solution lost 2.15% and Doosan Enerbility declined 4.01%. Hyundai Motor and Samsung Electro-Mechanics were higher.
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.
