Both Markets Rebound Early, but Gains Are "Still" Modest
Foreign Investors Net Sellers in Both Markets Early in the Session
On October 16, both the KOSPI and KOSDAQ are rebounding by around 1% from the previous day's close. The gains are still modest compared with the recent record-breaking plunge.
The KOSPI opened at 5,653.99, up 1.80% from the previous day. However, its gains narrowed from early in the session, and it stood at 5,638.23 as of 9:13 a.m. The early rebound is seen as disappointing compared with the previous day's sharp sell-off, when the index plunged more than 8% intraday, triggering a circuit breaker and halting trading. The KOSPI closed at 5,554.22 the previous day, falling below the 6,000 mark for the first time since July 30. Samsung Electronics and SK hynix shares plunged 9.5% and 11.1%, respectively, falling to their lowest levels since May.
Foreign capital, which had poured out of the market in large amounts, has yet to return. Foreign investors were net sellers of KRW 242.3 billion early in the session. From October 2 through the previous day, their net selling totaled KRW 18.131 trillion. Individual investors and institutional investors were net buyers of KRW 146.9 billion and KRW 42.8 billion, respectively.
All sectors are rising. The biggest gains were in insurance (4.12%), securities (3.695%), entertainment and culture (3.06%), food, beverages and tobacco (3.03%), distribution (2.94%), transportation equipment and parts (2.68%), pharmaceuticals (2.79%), IT services (2.39%), financials (2.25%), and electricity and gas (2.02%), in that order.
Most of the top 10 stocks by market capitalization are also rising. The biggest gains were in Samsung Life Insurance (4.3%), KB Financial Group (4.2%), Shinhan Financial Group (2.6%), Hyundai Motor (2.5%), Samsung Biologics (2.4%), Samsung Electronics (0.7%), and SK Square (0.3%), in that order. SK hynix (-0.7%) and LG Energy Solution (-0.1%) were among the decliners.
The KOSDAQ also opened at 772.17, up 1.49% from the previous day. Its gains later narrowed to less than 1%, and the index stood at 766.21 as of 9:13 a.m.
Foreign investors were net sellers of KRW 124.2 billion in the KOSDAQ market. Individual investors and institutional investors were net buyers of KRW 118.2 billion and KRW 5.4 billion, respectively.
Most sectors are rising. The biggest gains were in publishing and media reproduction (2.90%), metals (2.87%), entertainment and culture (2.60%), non-metallic minerals (1.92%), telecommunications (1.83%), construction (1.57%), and pharmaceuticals (1.57%), in that order. Paper and wood (-0.64%) and transportation and warehousing (-0.63%) were among the decliners.
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Most of the top 10 stocks by market capitalization are rising. Alteogen posted the biggest gain, at 4.4%, followed by EO Technics (3.6%), Reno Industrial (2.6%), Jusung Engineering (1.4%), Rainbow Robotics (1.1%), and Wonik IPS (1.0%). HLB (-1.1%) and EcoPro BM (-0.3%) were among the decliners.
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