KOSPI Falls Below 7,500 After All... Down 8%, Institutions Dump 1.7 Trillion Won [fn Closing Market Report]

[Financial News] KOSPI (Korea Composite Stock Price Index) appeared to be recovering some of its sharp early losses,
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but it ended up falling sharply as institutional investors unleashed heavy net selling.
On the 8th, KOSPI closed at 7,484.41, down 676.18 points, or 8.29%, from the previous trading day. Right after the market opened, it fell as much as 8.80% to 7,442.73, triggering a circuit breaker.
\r\nIt was the first circuit breaker on the KOSPI market since March 4, when stocks plunged on fears of an escalation in the war between the United States and the Islamic Republic of Iran. The KOSDAQ also tumbled more than 9%, triggering a circuit breaker for the first time in three months.
On the Korea Exchange Main Board Market, institutional investors led the decline by selling nearly 170 billion won worth of shares. Foreign investors also sold 17 billion won. In contrast, individual investors bought 1.4622 trillion won worth of stocks.
Samsung Electronics Co., Ltd. fell 10.18% from the previous day to 295,500 won, breaking below the 300,000-won level, while SK hynix dropped 7.68% and finished trading below the 2 million-won mark.
The KOSDAQ index closed at 911.39, down 91.05 points, or 9.08%, from the previous session.
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dschoi@fnnews.com Choi Du-seon Reporter