![[서울신문] The KOSPI that Donghak ants supported… 3000 line collapse in 16 trading days](https://img.seoul.co.kr/img/upload/2021/02/24/SSI_20210224181836.jpg "[서울신문] The KOSPI that Donghak ants supported… 3000 line collapse in 16 trading days")
Foreigners and institutions net selling due to global unrest
New York Stock Market Falls After U.S. Treasury Rate Increase
Stock market rally burden… China stock market sluggish
The 3000 line collapsed on the 24th of the KOSPI. On the afternoon of that afternoon, 2994.98, a sharp drop of 75.11 points (-2.45%) compared to the previous day, is displayed on the KOSPI market conditions in the dealing room of Hana Financial Group’s Myeongdong office building in Jung-gu, Seoul.
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▲ A sharp drop to the KOSPI 2900 line
The 3000 line collapsed on the 24th of the KOSPI. On the afternoon of that afternoon, 2994.98, a sharp drop of 75.11 points (-2.45%) compared to the previous day, is displayed on the KOSPI market conditions in the dealing room of Hana Financial Group’s Myeongdong office building in Jung-gu, Seoul.
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The KOSPI plunged 2.3% on the 24th, and the 3000 line collapsed. As the stock market rally that has continued since the beginning of the year has increased the burden, foreigners and institutions have seen strong net selling due to global unrest.
According to the Korea Exchange, on this day, KOSPI closed the market at 2994.98, down 75.11 points (-2.45%) from the previous day. It fell below the 3000 line during the intraday on the 1st, but it is the first time in 16 trading days since the 29th of last month that it fell below the 3000 line based on the closing price.
The KOSPI started at 3070.58, up 0.49 points (0.02%) from the battlefield, and climbed to the 3090s during the morning, but declined in the afternoon and gradually increased. In the securities market, foreigners sold 4328 billion won worth of net sales, and institutions worth 127.1 billion won, respectively, leading the index decline. Individuals net bought 553.7 billion won.
The rise in US Treasury yields the day before and the fall in the New York Stock Exchange also affected the Kospi. It is analyzed that the attractiveness of stock investment will decline as the burden of high-growth companies with a lot of debt increases due to the increase in government bond rates. Jerome Powell, chairman of the Federal Reserve Board, said he has no plans to change the ultra-low interest rate for the time being, but the shrinking investment sentiment has not fully recovered.
The sluggish Chinese stock market was also affected by the fact that Chinese banks’ mortgage rates hikes due to rising real estate prices in China and the Hong Kong Exchange’s stock trading stamp tax (transaction tax) increased from 0.1% to 0.13%. Seo Sang-young, a researcher at Kiwoom Securities, said, “As the issue of valuation (valuation value) burden emerged, the Chinese stock market fell, and as this unstable sentiment led to mass selling by foreigners, the KOSPI fell sharply.”
Asian markets also fell at the same time. Japan’s Nikkei 225 index fell 1.61%, Taiwan’s self-explanatory index fell 1.40%, and Hong Kong’s Hang Seng index plunged 3% as of 4pm. Lee Kyung-min, a researcher at Daishin Securities, said, “This adjustment is expected to be completed only when confidence in economic recovery and growth is restored, or overheating and valuation burdens are sufficiently relieved.” “The adjustment may not be deeper than expected. It is time to keep it.”
Reporter Kim Hee-ri [email protected]