Kospi Cuts Losses to 7,220 After 3% Slide as Samsung Electronics, SK Hynix Rebound

South Korea’s Kospi remained weak on May 20 as foreign investors continued to sell. The benchmark index at one point dropped 3%, briefly breaching the 7,000 level, before trimming some of its losses after 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 negative within three minutes of the open, and widened its loss to 3% during the session before falling to the 7,000 level.

On the main board, 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 Kospi heavyweights, 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 extended its intraday decline to more than 4%, though it later recovered some of the loss.

On the Kosdaq, foreign and institutional investors were net sellers of 61 billion won and 5.9 billion won, respectively. Retail investors were net buyers of 74.4 billion won.

Among the Kosdaq’s top market-cap stocks, 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