[Closing Market] KOSPI Barely Holds 6,000 Amid Foreign Selling
On Oct. 14, the domestic stock market broke the chain of a steep five-day losing streak that had continued until the previous day, showing a lively start by soaring over 2% with rebound buying in the early trading session. Right after the opening, the KOSPI briefly recovered to around the 6,190 mark
On October 14, South Korea's KOSPI stock market narrowly avoided falling below 6,000 points as foreign and institutional investors unleashed a frenzied selling spree. The index briefly rose to around 6,190 before swiftly reversing course, ultimately closing at 6,008.81, down 26.54 points (-0.44%) from the prior day. Throughout the day, the KOSPI index exhibited extreme volatility, ranging from a high of 6,190.65 to a low of 5,944.65.
The KOSDAQ market also suffered, closing at 823.88, down 13.15 points (-1.57%) from the previous session. Foreign investors were the main drivers of the decline, net selling 1.1796 trillion won worth of shares, while institutional investors added to the downward pressure with a net sale of approximately 181.1 billion won. Despite retail investors attempting to cushion the blow with a net purchase of 385.3 billion won, the relentless foreign selling ultimately proved too much, with the KOSPI index failing to break below the crucial 6,000 mark.
The semiconductor sector, with top stocks like Samsung Electronics and SK hynix, was hardest hit, with SK hynix's share price plummeting by 1.66% to 1,419,000 won. The decline in the KOSPI was primarily attributed to foreign investors' actions, as they collectively net sold 1.1796 trillion won worth of shares. This event marks the end of a five-day losing streak for the domestic stock market, but highlights the need for greater trust and stability in the semiconductor sector to prevent further price declines.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
