KOSPI Drops 1.38% Amid Weakness in Large Caps, While KOSDAQ Pharmaceuticals Surge [fn Afternoon Market]

[Financial News] The Korea Composite Stock Price Index (KOSPI) is down by more than 1.3% due to weakness in large-cap stocks. In contrast, pharmaceutical stocks are showing strong gains, pushing the Korea Securities Dealers Automated Quotations (KOSDAQ) up more than 3%.
According to the Korea Exchange (KRX), as of 2:05 p.m. on the 28th, the KOSPI was trading at 3,929.09, down 57.82 points (-1.45%) from the previous day.
In the main board market, individuals and institutions made net purchases of 1.3528 trillion won and 311.7 billion won, respectively, while foreign investors recorded net sales of 1.6644 trillion won.
By sector, medical/precision equipment (up 1.55%), construction (up 1.23%), and small caps (up 0.72%) were strong, while electrical/electronics (down 2.44%), manufacturing (down 1.83%), and distribution (down 1.76%) were weak.
Among the top 10 stocks by market capitalization, all except KB Financial Group (up 1.21%) declined. LG Energy Solution (down 6.74%), HD Hyundai Heavy Industries (down 4.15%), Samsung Electronics (down 2.42%), and SK hynix (down 1.65%) all saw losses.
At the same time, the KOSDAQ was trading at 910.13, up 30.07 points (3.42%) from the previous day. Foreign investors and institutions bought 514.5 billion won and 505.3 billion won, respectively, while individuals sold 952.2 billion won.
Analysts in the securities industry explained that the divergence between the two markets was due to foreign capital shifting from KOSPI to KOSDAQ. Lee Jae-won, a researcher at Shinhan Securities, noted, “With no clear reason for the KOSPI’s weakness, the movement appears to be profit-taking due to shifts in capital flows. The KOSDAQ, meanwhile, saw a sharp rise as foreign net buying combined with government policy initiatives and individual growth stock stories.”
koreanbae@fnnews.com Bae Han-geul Reporter