KOSPI swings, retail investors 1.5 trillion won in sales prompt deployment of the 'pension fund army'
9KOSPI opened at 7,486.64 before turning lower during the session. Individual investors dumped 1.5 trillion won worth of shares, prompting the 'pension fund army' to defend the index, while the KOSDAQ recovered the 800 level in a single day.
9In the South Korean stock market, KOSPI began trading at the 7,486.64 index, with the opening reading showing a gain of 239.85 points(3.31%). Trading was volatile during the session. The market opened higher in the morning but later turned lower.
Individual investors were reported to have sold 1.5 trillion won worth of shares during the day, while the so-called 'pension fund army' was deployed to prevent a sharp drop in the index. By type of market participant, large-scale selling by individuals and defensive buying by some institutions were observed simultaneously.
KOSDAQ recovered from the previous day's plunge of 700 levels in a single day, returning to the 800 range. Semiconductor-related materials, parts and equipment stocks showed relative strength in the KOSDAQ market.
Meanwhile, SK hynix’s moves related to the United States were reportedly a factor in the KOSPI’s 7,500reclaiming the line. The previous day, the KOSPI plunged amid geopolitical tensions stemming from Iran, followed by attempts at a rebound centered on some stocks.
The market showed a tendency to react sensitively to news about certain large-cap stocks and sectors, as well as external variables. Differentiated trends by individual stock continued through the close of trading that day.