The KOSPI index has dropped over 1% due to significant foreign net selling. As major semiconductor stocks weaken, funds are shifting towards themes like oil, cosmetics, and artificial intelligence (AI).
As of 12:40 p.m. on August 28, the KOSPI was trading at 6,822.63, down 89.74 points (1.30%) from the previous trading day. The index opened at 6,846.54, down 65.83 points (0.95%). After initially reducing its losses and briefly rising to 6,901.78, the index reversed course and fell back into a decline of over 1%.
While individual investors have net purchased stocks worth 77.1 billion won, foreign and institutional investors have net sold 982.6 billion won and 56.5 billion won, respectively.
Most of the top market capitalization stocks are showing weakness. Samsung Electronics is down 2.63%, SK Hynix is down 2.77%, Samsung Electronics preferred shares are down 3.32%, SK Square is down 1.40%, and Samsung Biologics is down 5.65%. In contrast, Samsung Electro-Mechanics is up 3.90%, Samsung Life is up 1.14%, Samsung C&T is up 0.53%, KB Financial is up 1.10%, and Hyundai Motor is up 0.13%.
Samsung Biologics is experiencing a decline after announcing a 3.9 trillion won rights offering to finance its acquisition of Polypeptide Group.
In terms of sectors, oil stocks are performing well, buoyed by strong refining margins and expectations for improved performance in the second half of the year, with companies like S-Oil and GS seeing gains. Cosmetics stocks are also strong, driven by expectations of diversified export markets and increased spending from foreign tourists.
At the same time, the KOSDAQ index is trading at 835.74, down 1.91 points (0.23%) from the previous trading day. It opened at 835.23, down 2.42 points (0.29%). After briefly rising in early trading, it has fluctuated around the flat line.
Individual investors have net purchased stocks worth 160.2 billion won, while foreign and institutional investors have net sold 140.8 billion won and 23.3 billion won, respectively.
The top KOSDAQ stocks are mixed. Alteogen is up 1.93%, Rino Industry is up 1.20%, HLB is up 0.42%, and Pharma Research is up 4.97%, while EcoPro is down 2.39%, EcoPro BM is down 1.02%, Rainbow Robotics is down 3.08%, Juseong Engineering is down 0.67%, Wonik IPS is down 0.71%, and EoTechnics is down 0.86%.
Kim Seok-hwan, a researcher at Mirae Asset Securities, stated, "The index is weak, particularly among large-cap semiconductor stocks, and as declining stocks dominate, funds are flowing into thematic investments."
* This article has been translated by AI.
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