KOSPI Falls Below 5,500 on Heavy Foreign and Institutional Selling [fn Closing Market]

[Financial News] The Korea Composite Stock Price Index (KOSPI) extended its decline after a sell-side sidecar trading curb was triggered during the session.
On the 23rd, the KOSPI closed at 5,405.75, down 6.49% from the previous trading day.
The KOSPI 200 Index Futures plunged more than 5% intraday, which activated a temporary suspension of program sell orders, known as a sidecar.
Foreign investors were net sellers of about 4.0735 trillion won in the Stock Market Division of the Korea Exchange, leading the index’s drop. Institutions also recorded net selling of 4.6163 trillion won. In contrast, individual investors were net buyers of roughly 8.1479 trillion won, stepping in to support the market.
Large-cap stocks by market capitalization were hit hard as well. Samsung Electronics was trading at 186,800 won, down 6.32% from the previous session. SK hynix was also down 7.15%, trading at 935,000 won.
The KOSDAQ Index finished at 1,096.89, a decline of 5.56% from the previous day.
dschoi@fnnews.com Choi Doo-seon Reporter