Record-high KOSPI reverses and retreats to the 3530 level… Samsung Electronics falls about 3%
Summary
- The KOSPI index, which set an intraday record high, then reversed and retreated to the 3530 level.
- Market leader Samsung Electronics posted third-quarter earnings, hit a 52-week high, but then fell about 3%% due to profit-taking.
- Both the KOSPI market and KOSDAQ are seeing selling from foreigners and institutions overall, while some individual stocks are showing gains.
On the 14th, the KOSPI index, which set an intraday record high, surrendered all its gains and turned negative, sliding back to the 3530 level. It is interpreted that this was due to Samsung Electronics, the market leader that announced surprise earnings, plunging nearly 3% amid profit-taking after hitting a 52-week high.
As of 1:44 p.m., the KOSPI index stood at 3538.05, down 46.5 points (1.3%) from the previous close. The index started up 0.55% and at one point intraday rose 1.74% to 3646.77 to set a record high. However, since turning negative around 1:11 p.m., the decline has widened.
In the KOSPI market, individuals and institutions were net sellers by 88.6 billion won and 301.8 billion won respectively, while foreigners were net buyers by 344.3 billion won.
The change to a declining index is attributed to a large volume of sell orders released from Samsung Electronics for profit-taking. Samsung Electronics reported third-quarter results that exceeded market expectations and during the session rose to 96,000 won, a one-year high. Thereafter, sell orders mainly from foreigners and institutions poured in, and it is currently plunging nearly 3%.
Among KOSPI market cap leaders, SK Hynix, Samsung Biologics, Hanwha Aerospace, Doosan Enerbility, HD Hyundai Heavy Industries, KB Financial, Naver, Celltrion, and Shinhan Financial Group are down, while LG Energy Solution, Hyundai Motor, and Kia are up.
At the same time, the KOSDAQ index stood at 840.28, down 20.21 points (2.35%) from the previous close. The KOSDAQ index also started up 0.57% but turned negative around 10:21 a.m. and has continued the trend. In the KOSDAQ market, foreigners and institutions were net sellers by 105.0 billion won and 50.1 billion won respectively, while individuals were net buyers by 149.1 billion won.
Among KOSDAQ market cap leaders, Rainbow Robotics, Peptron, Pharmaresearch, RIGACEM Bio, HLB, ABL Bio, Samchundang Pharm, and RINO Industry are down, while Alteogen, EcoPro BM, EcoPro, and Caregen are up.
Ko Jeong-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.
