KOSPI falls below 2500 for the first time in a month… KOSDAQ also falls below 700
KOSPI has fallen below 2,500 for the first time in a month. Foreigners and institutions are leading the stock market decline with their net selling. This is interpreted as a result of the US economic recession concerns being reignited after the US employment index for August, released on the 6th, was announced to be weaker than expected.
As of 9:19 AM on the 9th, KOSPI is pointing to 2502.04, down 42.24 points (1.66%) from the previous trading day (2544.28). The index, which started the day down 1.79%, has broken through the 2500 mark, but is reducing its decline at the beginning of the session.
In the stock market, individuals are net selling 86.8 billion won, while foreigners and institutions are net buying 61.7 billion won and 4.7 billion won, respectively. Foreigners are net selling about 145.2 billion won of KOSPI 200 futures.
All industries are showing a downward trend. The decline was the largest in the following order: medical precision (-2.42%), electrical and electronics (-2.37%), chemicals (-1.93%), machinery (-1.87%), food and beverage (-1.53%), securities (-1.62%), iron and steel (-1.36%), transportation and warehouse (-1.49%), service (-1.57%), finance (-1.44%), and non-metallic minerals (-1.15%).
Among the top market cap stocks, the largest stock, Samsung Electronics, is down 2.47% at 67,200 won. SK Hynix (-2.88%), LG Energy Solution (-0.63%), Samsung BioLogics (-0.52%), Samsung Electronics Preferred (-1.78%), Celltrion (-1.10%), KB Financial (-0.12%), and Shinhan Financial Group (-1.75%) are also showing weakness. On the other hand, Hyundai Motor (0.44%) and Kia (0.30%) are rising.
At the same time, the KOSDAQ index is trading at 697.59, down 1.27% from the previous trading day (691.28). The index, which started the day down 1.46%, has broken through the 700 mark, but is reducing its decline during the session.
The top market cap stocks are showing weakness. Alteogen (-0.50%), Ecopro BM (-2.40%), and Ecopro (-1.80%) are falling, while HLB (3.04%), Classis (0.75%), and Ligachembio (0.24%) are rising.
Kim Ji-won, a researcher at KB Securities, said, “Interpretations of the employment report are varied, but the comments from Fed officials further stimulated anxiety, and the strengthening of the yen also affected the stock market decline.” He explained, “With major issues pending, such as the U.S. presidential debate, the release of consumer price indexes, and the European Central Bank (ECB) monetary policy meeting, a conservative approach is needed due to uncertainty.”
On the 6th (local time), the New York Stock Exchange closed lower as the increase in jobs last month fell short of market expectations. The number of new non-farm payrolls in the United States in August was 142,000, falling short of the expected 164,000.
On this day, the Dow Jones Industrial Average at the New York Stock Exchange (NYSE) closed at 43,454.41, down 1.01% from the previous day. During the same period, the Standard & Poor’s (S&P) 500 index closed at 5,408.42, down 1.73%, and the Nasdaq index closed at 16,690.83, down 2.55%.
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2024-09-09 00:48:23