KOSPI 7,271 plunges, as foreign investors 3 trillion won in selling leads to 9 consecutive days of net selling

19The KOSPI closed 3.25% lower at 7,271.66. The index moved into what was seen as a short-term correction after a sharp rise the previous day. Foreign selling pressure affected the market. The KOSPI opened 90.38 points lower at 7,425.66. Losses subsequently widened as foreign selling increased and some sectors weakened. At one point during the session, it fell below the 7,200 level. Foreign investors were estimated to have been net sellers of about 3 trillion won on the day. They recorded net selling for 9 consecutive trading days. Buying and selling by individuals and institutions varied by stock. 1Quarterly results showed that operating profit at KOSPI-listed companies increased 3 times from the previous quarter. In contrast, the proportion of loss-making companies on the KOSDAQ reached 40%. A wide earnings gap was evident, compared with platforms and growth stocks. Some companies canceled treasury shares to bring forward their disposal. Such corporate actions were reported as cases linked to changes in market investment strategies. Some defense-related shares showed relatively strong performance. Amid weakness centered on large-cap stocks, sector performance diverged markedly. Trading value and volatility were higher than usual. Foreign investor flows and the earnings announcement schedule are expected to affect the index on the next trading day as well.