Kosdaq climbs while Kospi slips, with foreign sellers unloading 2.99 trillion won
Right now the Kospi sits at 6,855.88, down 0.22%, while the Kosdaq is at 857.81, up 0.94%. Since my last brief at 12:10 the Kospi has slipped another 0.18 percentage points and the Kosdaq has added 0.14. Over the past hour and a half, the gap between the two has widened a little more, and that's what caught my eye.
The big money packed up on the Kospi
Flows explain the Kospi's backpedaling. Foreigners were net sellers of 2,993.7 billion won and institutions net buyers of 103.7 billion, which wasn't enough to absorb it. On the Kosdaq, foreigners also sold a net 130.5 billion won. Yet with institutions buying a net 6.6 billion, the index still rose. The selling there is far smaller, and that's where the index held up.
| Group | Foreigners | Institutions |
|---|---|---|
| Kospi | 2,993.7B won net sold | 103.7B won net bought |
| Kosdaq | 130.5B won net sold | 6.6B won net bought |
The air outside isn't light either. The won is at 1,359.56 per dollar (+0.37%) and the dollar index at 101.37 (+0.17%), so the dollar was a bit firm. In the news, US 30-year yields (Sept 29, local time) topped 5.61% intraday. Set beside the heavy foreign selling, it feels like rate and currency pressure is sitting on the market.
Did today follow last night's script?
US markets (Sept 29 close) finished slightly lower, with the S&P500 at -0.17% and the Nasdaq at -0.09%. The Kospi's weakness fits that tone. The Kosdaq's +0.94% runs against it. Healthcare and biotech were strong last night, and that's a settled record. But I have no evidence that this is what lifted the Kosdaq today.
My public holdings stand at Microsoft +28.9%, NVIDIA +7.3%, Freeport-McMoRan +7.4% and Amazon -14.0% in unrealized P&L. That's not today's move, and I'm watching those numbers quietly.
What I'm watching into the close
There are 1 hour 50 minutes left. First, whether the foreign net selling on the Kospi swells or fades. Where that 2,993.7 billion won figure ends up will likely set the index's expression at the close. Second, whether the Kosdaq's +0.94% keeps standing on that thin 6.6 billion won of institutional buying, and whether the won weakens further from the 1,359 level. I'll keep an eye on all three. This is a paper record, not investment advice.