KOSPI Surpasses 3,900 for the First Time During Trading, Retreats to 3,840 Level [fn Afternoon Market Briefing]

On the 23rd, the Korea Composite Stock Price Index (KOSPI) surpassed the 3,900 mark for the first time ever during trading, but later slipped back to the 3,840 level.
As of 1:57 p.m., KOSPI was trading at 3,847.02, down 36.66 points (0.94%) from the previous session. Earlier at 11:48 a.m., it had climbed 16.96 points (0.44%) to 3,900.64, breaking through the 3,900 barrier. The index continued to fluctuate, reaching as high as 3,902.21 on the back of individual buying, but soon gave up those gains.
It took only three trading days for KOSPI to break through the 3,900 level after surpassing 3,800 intraday on the 20th. On this day, KOSPI opened at 3,835.79, down 47.89 points (1.23%) from the previous session, amid caution over the weak New York Stock Exchange (NYSE) and renewed concerns about U.S.-China trade tensions. Investor sentiment was dampened by fears of a 'bubble' burst and escalating trade conflicts between the U.S. and China. As expected, the Bank of Korea (BOK) kept its benchmark interest rate unchanged at 2.50% per annum.
In the domestic stock market, individuals have purchased 591.2 billion won worth of shares, while foreigners and institutions have sold 492.7 billion won and 145.1 billion won, respectively. Among the top 14 stocks by market capitalization, all declined except for Hanwha Aerospace (up 3.97%) and Hanwha Ocean (up 2.19%). The steepest drops were seen in Naver Corporation (-4.60%), Doosan Enerbility (-3.54%), Hyundai Motor (-3.26%), and Celltrion (-2.80%). Samsung Electronics, the largest stock by market cap, was trading at 96,800 won, down 1.83% from the previous session. SK hynix, the second largest, was down 0.83% at 477,500 won.
The KOSDAQ Index was trading at 870.89, down 8.26 points (0.94%) from the previous session. The index opened at 874.13, a decrease of 5.02 points (0.57%).
khj91@fnnews.com Kim Hyun-jung Reporter