KOSPI Falls on Foreigners' 4 Trillion Won Sell-Off... KOSDAQ Triggers Buy Sidecar [Morning Market Update]

[Financial News] The KOSPI was dragged down to the 8,300 level by foreign investors' selling worth more than 4 trillion won, while the KOSDAQ triggered a buy sidecar on the back of strength in secondary battery and biotech stocks.
As of 11:05 a.m. on the 29th, the KOSPI was trading at 8,255.99, down 155.22 points, or 1.85%, from the previous session, according to the Korea Exchange.
On the KOSPI Market, individuals and institutions bought a net 234.55 billion won and 151.34 billion won, respectively, while foreigners sold a net 4.0328 trillion won.
By sector, medical and precision equipment (9.04%), construction (6.88%), and leisure and culture (6.50%) were rising, while insurance (-3.58%), distribution (-2.65%), and electricity and electronics (-2.38%) were falling.
Among the large-cap stocks, LG Energy Solution (12.37%), Samsung SDI (8.90%), and Doosan Enerbility (4.56%) were strong, while SK Inc. (-6.99%), Samsung C&T Corporation (-5.97%), and SK Square (-5.81%) were weak.
Major semiconductor stocks were also under pressure. Samsung Electronics was trading at 325,500 won, down 4.12% from the previous session, while SK hynix was trading at 2.61 million won, down 2.36%.
At the same time, the KOSDAQ was trading at 908.96, up 57.59 points, or 6.76%, from the previous session. Foreigners and institutions were net buyers of 71.1 billion won and 351.3 billion won, respectively, while individuals were net sellers of 415 billion won.
The KOSDAQ triggered a buy sidecar in the morning as foreign and institutional buying intensified. At 9:28 a.m., the Korea Exchange activated a temporary suspension of program buy orders for the KOSDAQ market, known as a buy sidecar. It was the 11th buy sidecar this year and the 16th sidecar event overall, including sell sidecars.
At the time the sidecar was triggered, the KOSDAQ 150 Index futures were up 96.20 points, or 6.18%, at 1,650.50, while the spot index was up 95.86 points, or 6.22%, at 1,636.63.
Kim Ju-yeon, a researcher at Mirae Asset Securities, said, "After healthcare stocks strengthened in the U.S. stock market, domestic stocks also posted broad gains in medical devices, healthcare, and biotech, while individual stock-specific positive developments added to the momentum." She added, "Semiconductors weakened amid reports that Apple was exploring purchases of China-made memory chips and speculation that OpenAI was considering delaying its IPO."

koreanbae@fnnews.com Bae Han-geul Reporter