The KOSPI index dropped more than 5%, falling below the 7600 mark. A wave of selling by foreign and institutional investors has led to a significant decline in market sentiment, prompting the activation of a sell sidecar for KOSPI 200 futures.
As of 11:11 a.m. on July 8, the KOSPI was trading at 7644.66, down 406.67 points (5.05%) from the previous trading day.
The index widened its losses early in the session, and at 10:23 a.m., KOSPI 200 futures prices fell more than 5% from the reference price for one minute, triggering the sell sidecar. Consequently, the effectiveness of program sell orders was suspended for five minutes. This marks the 16th activation of a sell sidecar in the securities market this year.
In the securities market, foreign and institutional investors sold a net 1.9289 trillion won and 354.9 billion won, respectively, leading the index decline. In contrast, individual investors bought a net 2.2435 trillion won, absorbing the selling pressure.
Most of the top market capitalization stocks showed weakness. Samsung Electronics fell 7.08%, SK Hynix dropped 5.89%, SK Square declined 8.63%, Samsung Electro-Mechanics decreased 7.60%, LG Energy Solution fell 7.62%, Hyundai Motor dropped 5.48%, Samsung Life Insurance fell 6.86%, and Samsung C&T decreased 4.45%.
At the same time, the KOSDAQ index recorded a decline of 7.61 points (0.90%), reaching 839.46.
In the KOSDAQ market, foreign and institutional investors bought a net 120.2 billion won and 125 billion won, respectively. However, individual investors sold a net 240.7 billion won, indicating profit-taking.
Among the top market capitalization stocks, Alteogen rose 3.78%, Juseong Engineering increased 0.28%, Kolon TissueGene gained 4.08%, HLB rose 4.31%, and ABL Bio increased 5.65%. Conversely, EcoPro BM fell 1.31%, EcoPro dropped 1.52%, Rainbow Robotics decreased 3.02%, Wonik IPS fell 5.94%, and Rino Industry dropped 3.74%.
Jin-hyuk Kang, a researcher at Shinhan Investment Corp, stated, "Despite Samsung Electronics' strong performance, a 'sell-on' sentiment emerged, leading to profit-taking, particularly in semiconductor stocks. Additionally, the impact of Hanwha Ocean's CPSP order failure has caused weakness in the shipbuilding and defense sectors, increasing market volatility."
* This article has been translated by AI.
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