KOSPI Falls Back to the 8,300 Level on Foreign Profit-Taking [fn Afternoon Market Update]

[Financial News] The KOSPI slipped into the 8,300 range intraday on the 1st as foreign investors took profits and concerns over the National Pension Service's rebalancing weighed on the market. Analysts, however, said the correction appears to be a short-term pause and forecast that the second-half uptrend could continue if U.S. inflation remains stable and corporate earnings keep improving.
As of 2:23 p.m. that day, the KOSPI was trading at 8,324.98, down 151.50 points, or 1.79 percent, from the previous session.
The KOSPI had opened at 8,591.50, up 115.02 points, or 1.36 percent, from the previous session, but turned lower as foreign selling intensified.
On the Korea Exchange Main Board, individual investors were net buyers of 1.4638 trillion won, while foreign investors were net sellers of 1.9501 trillion won. Institutions, which had been selling in the morning, turned to buying in the afternoon and were net buyers of 468.7 billion won.
Among the largest-cap stocks, Hanwha Aerospace (9.85 percent), SK Square (4.60 percent), HD Hyundai Heavy Industries (3.38 percent), and Samsung Electro-Mechanics (1.83 percent) rose. In contrast, SK Group (-7.79 percent), Samsung C&T Corporation (-7.26 percent), Samsung Electronics (-4.79 percent), Samsung Life Insurance (-3.87 percent), LG Energy Solution (-3.73 percent), and SK hynix (-2.08 percent) fell.
The KOSDAQ was trading at 925.23, up 9.05 points, or 0.99 percent, from the previous session. It opened at 924.09, up 7.91 points, or 0.86 percent.
The won–dollar exchange rate opened at 1,549.8 won, up 0.4 won from the previous session.
 
khj91@fnnews.com Kim Hyun-jung Reporter