Foreigners net-sell KRW 657.07 billion… KOSPI rebounds after an intraday plunge to close higher
Domestic stock markets shaken by foreign net selling, with increased volatility in the KOSPI and KOSDAQ Take a quick look at the backdrop, including strength in AI and robotics and the rise in exchange rates
Foreign investors recorded the thirdlargest singleday selling spree ever in the domestic stock market, selling a net 657.07 billion won worth of shares. As foreign selling intensified, the KOSPI rose above the 8,900 level for the first time ever in early trading, but at one point fell to the 8,500 level, showing significant volatility.
On the day, the KOSPI recovered some of its losses in the afternoon and closed at 8,801.49, up 0.15% from the previous trading day. The KOSDAQ ended the session at 1,026.03, down 2.29%, while the won/dollar exchange rate rose to 1,516.4 won.
The reasons cited for foreign selling included last month's consumer price inflation rate reaching 3.1%, the highest in 26 months, geopolitical uncertainty, and the rise in the exchange rate. Meanwhile, stocks related to artificial intelligence and robots showed relatively strong performance, and Doosan Robotics and SK Telecom rose sharply on related expectations.