KOSPI Composite Index touches 7,500 before volatility widens; foreigners net sell 6 trillion won [The Financial News afternoon market report]

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\r\n[The Financial News] The KOSPI Composite Index briefly broke above the 7,500 level for the first time ever in early trading on the 7th, but it has since shown volatility around the flat line as heavy selling by foreign investors intensified. Individual investors are supporting the index with net purchases of more than 5 trillion won, but foreigners are weighing on gains by dumping more than 6 trillion won worth of shares.
As of 2:20 p.m. that day, the KOSPI Composite Index was up 0.84 percent from the previous session at 7,446.95. The index opened 1.55 percent higher at 7,499.07 and climbed as high as 7,531.88 in early trading, setting a new all-time high. However, with foreigners dominating the sell side, the market has continued to swing sharply, at one point slipping to the 7,250 level.
The key market variable is the reversal in foreign flows. Foreign investors, who bought a net 310 billion won the previous day, turned to net selling of more than 6 trillion won in just one day as they moved to lock in profits. By contrast, individual investors posted net purchases of 5.6857 trillion won, absorbing the foreign selling.
By sector, stocks tied to Hyundai Motor Group are strengthening on robot-related momentum. Hyundai Motor Company rose 3.45 percent, while Kia Corporation gained 1.88 percent. Samsung Electronics Co., Ltd. and SK hynix, which had paused for breath earlier in the session, also turned higher, rising 1.50 percent and 2.62 percent, respectively. Securities stocks, including Mirae Asset Securities, which surged the previous day, are falling on profit-taking.
At the same time, the KOSDAQ was down 0.93 percent from the previous session at 1,198.91.
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elikim@fnnews.com Kim Mi-hee Reporter