KOSPI pares gains amid foreign net selling of around 600 billion won [fn Afternoon Market]

[Financial News] The KOSPI is rebounding after five straight days of steep losses, but is paring its gains amid foreign net selling of around 600 billion won. The index, which had risen more than 2% intraday, has retreated to the low 6,000s. Battery stocks are strong, while investors remain cautious ahead of the release of the U.S. Consumer Price Index (CPI).
According to the Korea Exchange, as of 2 p.m. on the 14th, the KOSPI was trading at 6,060.26, up 24.91 points (0.41%) from the previous session. It climbed as high as 6,190.65 intraday before paring its gains.
On the main board, retail investors and foreign investors were net sellers of 254.9 billion won and 611 billion won, respectively. Institutions were net buyers of 259.7 billion won.
By sector, transportation and warehousing (3.45%), chemicals (2.53%) and metals (1.75%) were among the strongest performers. Medical and precision instruments (-3.03%), financials (-1.66%) and retail (-1.03%) were among the weakest.
Among the largest companies by market capitalization, Samsung SDI (6.79%), LG Energy Solution (3.90%) and Samsung Electro-Mechanics (1.32%) were higher. Shinhan Financial Group (-4.41%), Samsung Life Insurance (-2.73%) and Samsung C&T (-2.50%) were lower.
Large-cap semiconductor stocks were mixed. Samsung Electronics was trading at 235,000 won, up 3,000 won (1.29%) from the previous session. SK hynix was at 1,437,000 won, down 6,000 won (0.42%).
The KOSDAQ was trading at 832.74, down 4.29 points (0.51%) from the previous session. Retail investors were net buyers of 481.3 billion won, while foreign investors and institutions were net sellers of 323.1 billion won and 172 billion won, respectively.
Kang Jin-hyuk, an analyst at Shinhan Investment & Securities, explained, “The market is testing a second bottoming attempt near the 240-day moving average and the Relative Strength Index (RSI) oversold zone,” adding, “On the KOSDAQ, investment flows in materials, parts and equipment stocks are moving out amid bargain-hunting in large-cap semiconductor stocks.”
[email protected] Lee Jeong-hwa Reporter