Continued sales tax for foreigners and institutions
Fed, Biden, and Gamestock shock
[천지일보=김현진 기자] The 3,000 line collapsed due to a sharp drop in the -3% range after 5 months of falling for 4 consecutive trading days. On the 29th, the KOSPI closed at 2976.21, down 392.84 points (-3.03%) from the previous trading day (3069.05). The KOSDAQ also finished the market at 928.73, down 32.50 points (-3.38%). In the Seoul foreign exchange market, the won/dollar exchange rate ended at 1118.8 won per dollar, down 0.8 won from the previous day’s closing price.
The KOSPI index fell below the 3000 line of the closing price only 16 trading days after it exceeded 3,000 units (3031.68) on the 7th of this month. In addition, the sharp drop in the -3% range was about 5 months after it reached -3.66% on August 20 last year.
The KOSPI ran an upward trend in the new year and hit the highest level on the 25th (3208.99), but it fell below the 3000 line for 4 consecutive trading days, helplessly from the continued selling of foreigners and institutions.
The background of the stock market decline is analyzed by the impact of the US Federal Reserve’s (Fed and Fed) remarks on the economic slowdown and Biden’s remarks in China’s hard-line response. Recently, the Federal Open Markets Committee (FOMC) reaffirmed its willingness to maintain the existing easing monetary policy, but the Fed’s economic judgment has been confirmed to have retreated from the previous one, giving a shock to the stock market.
At a Senate approval hearing on the 26th (local time), Gina Rumando also said, “We will respond very aggressively to China’s unfair trade practices” and “we will use all means to the fullest.” This is Donald Trump He professed that he plans to take intensive public action as much as the former administration. Accordingly, it was predicted that tensions in US-China relations could rise even with the administration of Joe Biden.
In addition, some analysts say that the volatility of the U.S. stock market is showing extreme volatility due to speculative trading of certain stocks, such as a’short selling war’ between individuals and institutions over U.S. Gamestop (GME) stocks, which is raising uncertainty. Also comes out.
On this day, the KOSPI index rose 9.68 points (0.32%) and started at 3078.73, but after falling and rising, the decline gradually increased as foreign sales poured out from the afternoon. In the securities market, individuals alone net bought 1.708.6 billion won, but foreigners and institutions net sold 1.4413 trillion won and 2536 billion won, respectively, which was insufficient to defend. The transaction volume was 97.152 million shares and the transaction value was 23,782.1 billion won.
In the securities market, the top-ranked stocks by market capitalization ended lower. Daejangju Samsung Electronics closed down 1700 won (-2.03%) compared to the previous trading day. SK Hynix announced that last year’s operating profit exceeded 5 trillion won, showing a 2% increase until the morning, but falling to -0.41%. Kia Motors (-6.46%), Samsung Biologics (-5.37%), Samsung SDI (-4.30%), and Hyundai Motors (-3.98%) also closed down.
The KOSDAQ index also started at 963.58, up 2.35 points (0.24%), but similar to the KOSPI, the index declined and increased from the afternoon. In the KOSDAQ market, individuals alone bought 2148 billion won, defending the index decline, but were pushed back by foreigners (77.1 billion won) and institutions (109 billion won) net selling.
The top-ranked KOSDAQ stocks also fell excluding HLB (1.01%). Celltrion Pharmaceutical (-6.22%), Alteogen (-5.67%), and CJ ENM (-4.32%) fell sharply.
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