7 in 10 stocks fall in July as stock market posts steepest decline since 2008
SEOUL, Aug. 2 (Yonhap) -- Prices of seven out of 10 stocks listed on South Korea...
In July, a staggering 70% of South Korean stocks listed on the main and secondary markets experienced a decline, marking the sharpest monthly drop since the 2008 global financial crisis, according to market data released on Sunday. Out of the 2,645 companies comprising the benchmark Korea Composite Stock Price Index (KOSPI) and the tech-focused Korea Securities Dealers Automated Quotations (KOSDAQ), 1,859 stocks, or roughly seven out of ten, closed lower than their June-end values.
The KOSPI saw a significant 22.2% decrease, while the KOSDAQ suffered a 21.4% loss during the month.
Among the impacted KOSDAQ-listed companies, biotechnology firm Kolon TissueGene faced the steepest decline, plummeting by 86% to reach 13,000 won from 93,600 won. The Technology and Kolon Life Science also suffered substantial losses, falling by 76% and 67% respectively. For KOSPI-traded entities, Contentree JoongAng experienced a sharp 67% drop after its parent company, JoongAng Group, encountered liquidity issues.
Analyst Han Ji-young from Kiwoom Securities noted that the KOSPI has been in an oversold state due to intense selling pressure. Looking ahead, she expects investor sentiment to improve as strong earnings from Samsung Electronics and SK hynix are anticipated.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
