KOSPI Tops 8,000 Then Closes at 7,493.18 as Retail and Foreign Flows Clash

On May 15, the KOSPI opened at 7,951.75 and crossed the 8,000 mark for the first time at 9:13 a.m., but heavy selling later dragged it to a close of 7,493.18. The index fell 6.12%, and a sell-side sidecar halted trading for five minutes at 1:28 p.m. Among the top 100 stocks by market value on the main board, 91 ended lower, while Samsung Electronics and SK Hynix dropped 8.61% and 7.66%, respectively. Foreign investors and institutions net sold 5.6 trillion won and 1.73 trillion won, while individuals net bought more than 7 trillion won. Foreign investors have sold more than 31 trillion won over seven straight sessions since May 7, while individuals absorbed more than 30 trillion won. Brokerages viewed the foreign selling as portfolio adjustment after a sharp semiconductor rally and still cited the possibility of a renewed rally. Source: hankyung.com