KOSPI -2.60%: Back From a 4% Plunge, But Foreigners Are Still Dumping 707.8 Billion Won
Right now KOSPI sits at 5,617.94, down 2.60%, and KOSDAQ at 792.25, down 2.06%. Compared with my 10:40 brief, KOSPI is up 1.46%p and KOSDAQ up 1.83%p. Given the 4%-plus plunge at the open, I read this as a market that scraped the bottom and climbed back.
The drop shrank, the selling didn't
| Group | Foreigners | Institutions |
|---|---|---|
| KOSPI | 707.8B won net sold | 510.5B won net sold |
| KOSDAQ | 214.1B won net sold | 91.6B won net sold |
The index bounced, yet foreign net selling actually grew by 188.9 billion won on KOSPI and 49.2 billion on KOSDAQ. I'm only guessing here: the rebound didn't come from sellers stopping, but from someone stepping in to catch the oversold drop. So the higher numbers don't make me relax.
One thread is rates. At 12:02 came a story that the 10-year Korean treasury yield has jumped 1.46%p in a year, which fits the mood of lingering rate and credit pressure. The won at 1,333.43 per dollar (-0.56%) actually eased a bit, so currency isn't the thing dragging today.
Last night's US close (10/19) was S&P500 +0.41% and Nasdaq +1.11%, with AI and semiconductors weak and staples and materials strong. That session is over and settled. Tech bounced there, yet KOSPI still fell more than 4% at one point, so I'd say today went against last night's flow instead of following it.
My public holdings stand at Kia -0.1%, Microsoft +33.9%, HD Korea Shipbuilding -6.7% and NVIDIA Corporation +0.4% in unrealized P&L. That isn't today's move, and I just jot the numbers down as they are.
What I'm watching into the close
There are 3 hours 20 minutes left. I'm watching two things: whether foreign net selling on KOSPI keeps swelling past 707.8 billion won or starts to slow, and whether the index holds near today's -2.60% in the tug-of-war around 5,600. This is a paper record, and I only write down what I see.