Kospi Hits Record Above 9,300 Before Ending Lower, Holds 9,000
Summary
- The Kospi briefly broke above the 9,300 level for the first time on record during trading before profit-taking erased the gains and left it slightly lower at 9,052.42.
- On the benchmark market, foreign investors and institutions recorded combined net selling of 2.428 trillion won, while retail investors were net buyers of 2.5338 trillion won worth of shares.
- The Kosdaq index tumbled 3.43%% to close at 966.59, falling below 1,000, while the won-dollar exchange rate ended daytime trading at 1,527 won.
Forecast Trend Report by Period
Profit-Taking Follows Sharp Short-Term Rally
Foreign and Institutional Investors Net Sell 2.428 Trillion Won
Kosdaq Slides 3.43%, Falls Below 1,000
South Korea’s Kospi ended slightly lower on June 19 after rising above 9,300 for the first time ever in intraday trading. Selling by foreign and institutional investors wiped out the gains as investors locked in profits following the market’s recent sharp run-up.
The Kospi fell 11.42 points, or 0.13%, to close at 9,052.42. After opening 2.48% higher, the index climbed above 9,300 for the first time on record during the session. It later turned negative and at one point dropped as much as 2.56% before bargain buying trimmed the loss, helping it hold above 9,000.
On the benchmark market, foreign investors sold 983 billion won worth of shares and institutions sold 1.445 trillion won. Retail investors bought 2.5338 trillion won.
Among large-cap Kospi stocks, Samsung Biologics fell 3.92%, Samsung C&T dropped 2.49% and Samsung Electronics lost 2.34%. Gainers included Samsung Life Insurance, up 5.97%, SK Square, up 4.71%, Samsung Electro-Mechanics, up 3.18%, SK Hynix, up 2.94%, Hyundai Motor, up 2.0%, Samsung C&T, up 1.24%, and LG Energy Solution, up 1.12%.
The Kosdaq fell 34.34 points, or 3.43%, to 966.59, dropping back below the 1,000 level.
On the Kosdaq market, institutions sold 585.8 billion won worth of shares, while retail and foreign investors bought 87.2 billion won and 479 billion won, respectively.
Among major Kosdaq stocks, Jusung Engineering fell 9.13%, Wonik IPS dropped 4.41%, Alteogen lost 4.33%, Kolon TissueGene slipped 4.22%, Rainbow Robotics declined 4.07%, HLB fell 3.99%, EcoPro BM lost 1.68% and EcoPro dropped 1.28%. Lino Industrial rose 0.33%.
In Seoul’s foreign-exchange market, the won closed daytime trading at 1,527 per dollar, down 0.1 won from the previous session.
Ko Jung-sam, Hankyung.com reporter jsk@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.
