Even a Technical Rebound Failed to Materialize ... KOSPI’s 6,008 Close Loses Its Luster [fn Market Close]

[Financial News] The KOSPI gave up gains in the 2% range during the session and closed lower. Amid foreign net sales of around 1.3 trillion won, it fell below the 6,000 mark intraday but held above that level at the close. The KOSPI fell for a sixth consecutive trading day, while the KOSDAQ extended its decline for a fifth straight session.
According to the Korea Exchange on the 14th, the KOSPI closed at 6,008.81, down 26.54 points (0.44%) from the previous trading day. The index opened 0.44% higher at 6,062.08 and climbed as high as 6,190.65 during the session, but later turned lower. It fell to 5,944.65 intraday before trimming some of its losses by the close.
On the main board, retail investors and foreign investors were net sellers of 309.8 billion won and 1.3557 trillion won, respectively. Institutional investors were net buyers of 969.2 billion won. Foreign investors extended their net-selling streak on the KOSPI to seven consecutive trading days.
Transportation and warehousing (3.60%), chemicals (2.00%) and metals (1.14%) were among the stronger sectors. Medical and precision instruments (-3.26%), financials (-2.06%) and retail (-1.53%), by contrast, were among the weaker sectors.
Among the largest companies by market capitalization, Samsung SDI (5.54%), LG Energy Solution (2.93%) and Samsung Electro-Mechanics (0.81%) rose. Shinhan Financial Group (-4.71%), Samsung Life Insurance (-3.71%) and Samsung C&T (-2.83%), however, fell.
Samsung Electronics closed at 232,000 won, unchanged from the previous trading day. SK hynix closed at 1,419,000 won, down 24,000 won (1.66%). The two stocks had rebounded intraday by as much as 4% and 3%, respectively, but gave up those gains.
The KOSDAQ closed at 823.88, down 13.15 points (1.57%) from the previous trading day. Retail investors were net buyers of 419.4 billion won, while foreign and institutional investors were net sellers of 251.8 billion won and 185 billion won, respectively.
Secondary-battery stocks rose on expectations of improved earnings, driven by a recovery in European demand for electric vehicles and expanding demand for energy storage systems (ESS) in North America.
Lim Jeong-eun, an analyst at KB Securities, said, “With investors remaining on the sidelines ahead of the CPI release, gains across the semiconductor sector were limited by profit-taking, even though third-quarter results from Dutch semiconductor equipment maker ASML exceeded consensus. It is worth watching for increased market volatility and divergent performance among individual stocks as the U.S. September CPI report approaches and earnings season gets fully underway.”
A source in the asset management industry said, “Rising interest rates amid geopolitical uncertainty are prompting investors to hold more cash and move funds into bonds. Because the domestic stock market remains at a high level compared with last year, investors are continuing to sell off stocks they had been holding.” The source added, “Retail investors who entered the market at the highs have a substantial overhang of shares for sale, so even if the market rebounds, it will take time to break through that supply overhang and move higher. With supply and demand out of balance, China-related noise is also adding to selling pressure.”
[email protected] Lee Jeong-hwa Reporter