On the 15th, the KOSPI index topped 8,000 points for the first time ever but turned lower as foreign investors rushed to take profits. On concerns about a short-term surge and a peak, it fell into the 7,600s during the session and is showing weakness.
As of 11:21 a.m. that day, the KOSPI index is down more than 3% and moving near the 7,700 level. After opening lower, the KOSPI turned higher in 10 minutes and reached 8,000 points for the first time. But sentiment shifted as profit-taking hit right after the 8,000 breakthrough. The decline has been widening since the downturn.
In the stock market, foreigners are net sellers of more than 2.3 trillion won. It is the seventh straight session of selling. Individuals and the National Pension Service are net buyers of 2.4 trillion won and 148.7 billion won, respectively, but they are not supporting the index.
In particular, large-cap semiconductor stocks that had led the index higher are wobbling sharply. Samsung Electronics and SK hynix are down about 4% and 2%, respectively. Among the top 10 stocks by market capitalization on the stock market, prices are falling for eight except Hyundai Motor and Samsung Electro-Mechanics.
Despite a bullish market, securities stocks are not smiling. Boosted by strong first-quarter results at Korea Investment & Securities Co., Korea Investment Holdings is up 4.46%, but NH Investment & Securities (-5.43%), Samsung Securities (-5.08%), and Mirae Asset Securities (-2.63%) are broadly weaker.
At the same time, the KOSDAQ index is down 35.40 points (2.97%) at 1,155.69 from the previous day.
On the KOSDAQ market, foreigners are net buyers of 149.4 billion won and institutions 20.1 billion won. Individuals are net sellers of 103.8 billion won.
All of the top 10 KOSDAQ market-cap stocks are falling. As flows continue to concentrate in the KOSPI, top market-cap names such as EcoPro (5.74%) and EcoPro BM (5.90%) are also dropping sharply.
By contrast, Cosmo Robotics has surged for the fifth straight day since listing on KOSDAQ, with its share price rising nearly tenfold from the offering price (6,000 won). Poled, which hit a "double-double" (four times the offering price) the previous day, is down more than 14% today, showing extreme volatility.