KOSPI Composite Index closes around 6,600 after foreigners and institutions sell approximately 5.6 trillion won [fn Market Close]

[Financial News] The KOSPI Composite Index fell below the 6,700 level as it was pressured by approximately 5.6 trillion won in net selling by foreign investors and institutions. Downward pressure intensified amid concerns over high oil prices and high interest rates, compounded by calls to slow the pace of AI development.
According to the Korea Exchange (KRX) on the 14th, the KOSPI Composite Index closed at 6,684.37, down 225.54 points, or 3.26%, from the previous trading day. The index opened at 6,692.61, down 3.14%, and fell as low as 6,654.82, or 3.69%, during the session before trimming its losses.
On the main bourse, individual investors made net purchases worth 4.125 trillion won, while foreign investors and institutions made net sales of 3.9116 trillion won and 1.6897 trillion won, respectively.
By sector, textiles and apparel, transportation and warehousing, and entertainment and culture gained 1.47%, 1.81%, and 1.14%, respectively. Electricity and electronics, construction, and manufacturing declined 4.75%, 4.10%, and 3.85%, respectively.
Among the large-cap stocks, Hanwha Aerospace, KB Financial Group, and Shinhan Financial Group rose 4.90%, 2.08%, and 1.51%, respectively. SK Square, SK hynix, and Samsung Electronics preferred shares fell 8.13%, 6.57%, and 4.97%, respectively. Samsung Electronics common shares closed at 249,500 won, down 10,000 won, or 3.85%, from the previous trading day.
KOSDAQ closed at 806.79, down 13.85 points, or 1.69%, from the previous trading day. Individual investors made net purchases worth 149.4 billion won, while foreign investors and institutions made net sales of 121.8 billion won and 35.1 billion won, respectively.
Analysts said concerns over high interest rates and high oil prices, combined with calls to slow the pace of AI development, had increased downward pressure on the indices.
Dario Amodei, CEO of Anthropic; Sam Altman, CEO of OpenAI; and Elon Musk, CEO of Tesla, previously indicated that they agreed with the so-called calls to slow the pace of AI development. They warned that AI development was advancing too quickly and could pose a threat to humanity.
Lim Jeong-eun, a researcher at KB Securities, said, "Domestic stocks plunged as oil prices rose and the indices fell sharply after concerns over calls to slow the pace of AI development, which gained attention over the weekend following the U.S. consumer price index (CPI), were compounded by news that talks on passage through the Strait of Hormuz had been postponed and that an oil pipeline in Saudi Arabia had been attacked." Lim added, "Foreign investors and institutions recorded combined net sales of approximately 5.6 trillion won today."
[email protected] Bae Han-geul Reporter