Uncertainty in Capital Gains Tax Criteria and CPI Caution... KOSPI Loses 3200 Mark [fn Closing Market]

[Financial News] The KOSPI index, which rose to the 3230 mark early in the session, closed at the 3180 mark due to a shift to net selling by foreigners and institutions. It is interpreted that the uncertainty surrounding the major shareholder criteria for capital gains tax has expanded again, coupled with caution ahead of the U.S. Consumer Price Index (CPI) announcement.
According to the Korea Exchange on the 12th, the KOSPI index closed at 3189.91, down 16.86p (0.53%) from the previous trading day. The index opened at 3209.75, up 0.09% from the previous session, and soared to 3231.58 during the day. However, it turned downward in the afternoon and closed at the 3180 mark.
Foreigners and institutions, who showed a net buying trend until the morning, turned to a selling advantage in the afternoon, dragging down the index. While individuals alone bought 76.7 billion won worth, foreigners and institutions sold 52.8 billion won and 102.4 billion won worth, respectively.
By sector, securities (2.13%), telecommunications (0.99%), and transportation and storage (0.55%) closed higher, while machinery and equipment (-5.94%), entertainment and culture (-1.75%), and medical and precision devices (-1.52%) declined.
Among the top market cap stocks, Samsung Electronics (0.14%), SK Hynix (0.75%), and Hyundai Motor (0.24%) rose, while LG Energy Solution (-0.13%), Samsung Biologics (-1.07%), and Hanwha Aerospace (-3.30%) fell.
Overnight, the New York stock market gave up its early gains and closed lower as the wait-and-see stance deepened ahead of major inflation data announcements. With the employment data released earlier this month confirmed to have slowed more than expected, the market seems to be leaning towards the possibility of a rate cut in September.
In the domestic stock market on this day, foreigners led the index rise by showing a net buying trend in the spot and futures markets until the morning, but turned to a selling advantage in the afternoon. It is interpreted that disappointment selling emerged as the presidential office maintained a virtually unchanged stance on the controversy over strengthening the major shareholder criteria for stock transfer tax during a briefing on this day.
Kang Yoo-jung, a spokesperson for the presidential office, emphasized repeatedly in the briefing on this day, "I understand that the Ministry of Strategy and Finance also explains that there has been no change in the policy to strengthen the criteria to 1 billion," and "The presidential office also plans to monitor the market situation while watching the coordination process between the party and the government."
On this day, the KOSDAQ index also closed at 807.19, down 4.66p (0.57%) from the previous trading day. The index started at 813.12, up 0.16% from the previous session, and turned downward in the afternoon.
In the KOSDAQ market, individuals alone net bought 25.3 billion won worth, while foreigners and institutions sold 7.4 billion won and 5 billion won worth, respectively.

nodelay@fnnews.com Park Ji-yeon Reporter