Circuit breakers behind us, the drop has eased a little, but KOSPI is still at -7.60%
As of 1:40 PM, KOSPI sits at 5,552.06, down 7.60%, and KOSDAQ at 761.39, down 7.58%. Since the 12:10 brief, KOSPI has trimmed its drop by 0.21 points and KOSDAQ by 0.22. I wouldn't call it a bottom. It looks more like the market catching its breath.
A CPI shock, circuit breakers, and no one underneath KOSDAQ
The 1:38 PM headline was that a US CPI shock had tripped circuit breakers on KOSPI and KOSDAQ side by side. Last night's US close (10/14) was S&P 500 -1.11% and Nasdaq -1.88%, with semiconductors and clean energy weak. That session is finished business, but today's drop didn't just inherit it, it magnified it. The won at 1,340.31 per dollar (+0.46%) and the dollar index at 102.55 (+0.36%) didn't make things friendlier for foreign money.
| Item | KOSPI | KOSDAQ |
|---|---|---|
| Index move | -7.60% | -7.58% |
| Foreigners | 1,179.1bn won net sold | 212.8bn won net sold |
| Institutions | 811.9bn won net bought | 178.7bn won net sold |
On KOSPI, foreigners dumped 11,791 hundred-million won and institutions absorbed 8,119. On KOSDAQ, foreigners sold 2,128 and institutions sold 1,787 too, so nobody is standing underneath. Same-sized drop, very different insides, or so I read it.
My public holdings, on an unrealized basis: Poongsan -13.3%, Orion -12.1%, KB Financial -11.0%, KT&G +8.6%. That's cumulative, not today's move, and I'll leave the numbers without commentary.
One hour fifty minutes to the close. I'll watch whether KOSPI institutional buying grows past 8,119, and whether KOSDAQ institutions turn away from net selling. I'll also watch whether the foreign selling widens beyond 11,791.