KOSPI Plunges Late, Sinks Into 6,600 Range
Closed down 2.62% from the previous day
Market falters despite Samsung Electronics' record results
Foreign and institutional investors each sell KRW 2 trillion net
On October 8, the KOSPI slumped into the 6,600 range despite Samsung Electronics posting record-breaking results. The index fell more than 2.6% as it failed to absorb heavy selling by foreign and institutional investors.
The KOSPI closed at 6,625.93, down 2.62% from the previous day. It opened slightly higher at 6,808.68 but struggled to rebound and remained on a downward trend. Selling intensified near the close, sending the index sharply down to the 6,620 level.
Samsung Electronics announced preliminary third-quarter results of KRW 195 trillion in revenue and KRW 107.4 trillion in operating profit, posting record-breaking figures. Securities firms had expected foreign investor flows to improve, but the market instead fell amid continued foreign selling.
Foreign and institutional investors each recorded net sales in the trillions of won, selling KRW 2.4247 trillion and KRW 2.0888 trillion, respectively. Individual investors made net purchases of KRW 3.7385 trillion.
Nearly every sector declined. Several fell by more than 3%, including financials (-4.11%), transportation equipment and parts (-3.94%), pharmaceuticals (-3.69%), IT services (-3.54%), retail (-3.42%), insurance (-3.23%), securities (-3.19%), and construction (-3.18%). Only textiles and apparel (0.09%) and real estate (0.02%) posted slight gains.
Most of the top 10 stocks by market capitalization struggled. In after-hours trading, SK Square (-7.9%), Samsung C&T (-4.9%), Samsung Biologics (-4.3%), Samsung Life Insurance (-3.5%), Hyundai Motor (-3.2%), Samsung Electro-Mechanics (-3.0%), KB Financial Group (-2.9%), SK hynix (-2.1%), and Samsung Electronics (-1.8%) were all down. Only LG Energy Solution was up, by 2.4%.
The KOSDAQ closed regular trading at 892.27, down 0.69% from the previous day. After opening slightly lower at 898.19, it at one point widened its loss to 1.62% before recovering some ground by the close.
On the KOSDAQ, foreign and individual investors made net purchases of KRW 52.7 billion and KRW 49.6 billion, respectively. Institutional investors were the only group to record net sales, at KRW 96.7 billion.
Declining sectors again outnumbered advancing ones. The biggest losses were in pharmaceuticals (-3.47%), general services (-3.22%), construction (-2.92%), IT services (-2.31%), transportation equipment and parts (-1.98%), and medical and precision equipment (-1.60%). Publishing and media reproduction (2.00%), machinery and equipment (1.49%), and non-metallic minerals (1.34%) gained.
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Among the top 10 stocks by market capitalization, performances were mixed. Jusung Engineering (7.8%), Leeno Industrial (3.2%), EcoPro BM (2.4%), Wonik IPS (2.3%), and Simmtech (1.0%) remained strong in after-hours trading. By contrast, Alteogen (-6.0%), Rainbow Robotics (-3.4%), and EcoPro (-0.3%) were down.
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