"Sold Another 3 Trillion Won"...Foreigners' Massive Selling Sends Stocks Swinging [fn Closing Market]

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[Financial News] KOSPI closed lower as foreign investors continued to sell on a net basis. The KOSDAQ Index also failed to avoid a decline as institutional investors, including pension funds, kept selling.
According to the Korea Exchange (KRX) on the 20th, KOSPI traded at 7,208.95, down 62.71 points, or 0.86%, from the previous session. At one point during the session, the index plunged 217.82 points, or 3.00%, to 7,053.84, coming under pressure near the 7,000 level.
Foreign investors sold 2.9479 trillion won worth of shares in the KOSPI Market. It marked 10 straight trading days of net selling since the 7th. In contrast, individual and institutional investors bought 1.7014 trillion won and 1.1145 trillion won worth of shares, respectively.
Large-cap stocks mostly moved in mixed fashion. Samsung Electronics rose 0.18% from the previous session to 276,000 won, while SK hynix finished unchanged at 1,745,000 won. LG Energy Solution (-3.88%) and Hyundai Motor Company (-1.88%) posted steeper losses.
By sector, electricity and gas (-5.13%), metals (-4.66%), and securities (-4.48%) were among the weakest.
The KOSDAQ Index closed at 1,056.07, down 28.29 points, or 2.61%, from the previous session.
In the KOSDAQ market, institutional investors posted net sales of 131.1 billion won, with pension funds alone selling 36.5 billion won in a single day. Individuals also recorded net sales of 57.6 billion won, while foreigners bought 203.5 billion won worth of shares.
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dschoi@fnnews.com Choi Du-seon Reporter