On June 23, the KOSPI and KOSDAQ markets experienced heightened volatility as sell-off sidecars were triggered consecutively. This marked the 13th sell-off sidecar for the KOSPI and the fifth for the KOSDAQ this year.
According to the Korea Exchange, the sell-off sidecar was first activated in the KOSDAQ market at 11:37 a.m., followed by the KOSPI market at 11:40 a.m.
As of 1:22 p.m., the KOSPI index was trading at 8,597.48, down 517.07 points (-5.67%) from the previous trading day. The index opened at 9,083.54, down 31.01 points (-0.34%), but the decline deepened throughout the session.
At the same time, foreign and institutional selling pressures were dragging down the index. Foreign investors were net sellers of 5.6253 trillion won, while institutions sold a net 2.3465 trillion won. In contrast, individual investors were net buyers, purchasing 7.8846 trillion won.
Major KOSPI stocks were generally in the red, with SK Hynix and Samsung Electronics plunging by 7.40% and 5.80%, respectively. Other notable declines included Hyundai Motor (-9.47%), Samsung C&T (-7.98%), Samsung Electro-Mechanics (-7.81%), HD Hyundai Heavy Industries (-5.03%), LG Energy Solution (-3.37%), Doosan Enerbility (-2.76%), Samsung Life (-2.11%), and SK Square (-0.15%). Conversely, Samsung Biologics saw a rise of 1.39%.
As of 1:28 p.m., the KOSDAQ index was at 917.38, down 51.02 points (-5.27%). The index opened at 958.64, down 9.76 points (-1.01%), but the losses widened thereafter.
In the KOSDAQ market, individual investors sold a net 184.4 billion won, while foreign and institutional investors were net buyers, purchasing 44.7 billion won and 137.4 billion won, respectively.
Top KOSDAQ stocks also showed a downward trend, with Rainbow Robotics (-9.25%), IO Techniques (-8.01%), EcoPro BM (-7.20%), Wonik IPS (-7.07%), EcoPro (-6.64%), JUSUNG Engineering (-5.36%), Rino Technology (-4.87%), HLB (-4.43%), Kolon TissueGene (-3.54%), and Alteogen (-2.71%) all declining.
Seo Sang-young, a researcher at Mirae Asset Securities, noted, "The significant drop in SK Hynix and Samsung Electronics, which ranked first in KOSPI market capitalization for common stocks the previous day, is putting pressure on the index. The sharp sell-off led by foreign investors is significantly increasing intraday volatility."
* This article has been translated by AI.
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