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Analysis

KOSPI loses 5.46 per cent as Samsung and SK Hynix shares slide

South Korea’s main stock index ended October 13 at 6,035.35 after a sharp fall in semiconductor shares. Samsung Electronics and SK Hynix both lost ground, while foreign investors sold heavily. The index recovered some of its intraday losses before the close; smaller-company shares also fell, though several stocks finished higher.

Economics & Markets··Midday
A South Korean exchange-gallery floor carrying a physical nonnumeric stock-price downward trajectory in brushed metal.

KOSPI recovers part of a sharp intraday fall

South Korea’s main stock index, KOSPI, finished October 13 sharply lower as large semiconductor shares fell. It still ended above 6,000 points after briefly dropping below that level during the session.[1], [2]

The close was 6,035.35, down 348.89 points, or 5.46 per cent. After opening at 6,186.08, the index reached an intraday low of 5,911.11. Programme sell orders were temporarily suspended, and part of the loss was recovered before trading ended.[1]

Foreign investors sell while local investors buy

Foreign investors sold about 5.1531 trillion won of cash equities by late in the regular session. Individuals bought a net 2.9096 trillion won and institutions 1.7678 trillion won. Samsung Electronics shares fell 7.39 per cent, while memory-chip producer SK Hynix lost 10.09 per cent. Samsung’s share repurchases had ended on October 6; SK Hynix continued buying its own shares.[1]

Smaller-company index also ends lower

KOSDAQ, South Korea’s index of smaller companies, closed at 837.03 after losing 1.43 per cent. Foreign investors and institutions were net buyers in this market, while individuals sold. The declines were not universal: Jusung Engineering, Leeno Industrial and EcoPro gained. On the main market, LG Energy Solution also finished higher, with a 3.02 per cent increase.[1]

References

  1. News sourceKorea Economic DailyKOSPI falls 5.46 per cent as chip shares slide↩1↩2↩3↩4
  2. News sourceYonhapKOSPI closes at 6,035 after a 5.5 per cent plunge↩