The movement of the domestic stock market is constantly changing. The Kospi, which had recovered from an uptrend this month, fell more than 1%, and the 3100 line collapsed. This is because the index slipped due to sales by foreign and institutional investors. Individual investors are resentful that a mass selling bomb came out at the same time as short selling was extended. On the other hand, experts are concerned that the resumption of short selling, which has been delayed twice, will accelerate the withdrawal of foreign funds, although it is difficult to find a link between the KOSPI adjustment and the ban on short selling.
According to the Korea Exchange on the 4th, KOSPI closed the market at 3087.55, down 42.13 points (1.35%) from the previous day. On that day, it started at 3135.02, up 0.17%, but after turning down, it continued to fall. In February, the KOSPI rose by more than 5% and recovered to the 3000 line, but it seems that volatility has increased in the immediate adjustment market.
It was foreigners and institutions that led the stock market decline on this day. Due to the extension of the short selling ban, Donghak ants bought 2,471.6 billion won, but foreigners and institutions sold 649.3 billion won and 1.83 trillion won respectively.
On the previous day, the Financial Services Commission announced that the resumption of short selling, which was scheduled for March 15, will be held until May 2. Unfortunately, foreigners who led the KOSPI bull market by making net purchases for three consecutive days suddenly released an amount worth 600 billion won. Some explained, however, that it is difficult for stock prices to conclude that the proposed extension of short selling led to foreign sales.
“Foreigner selling should refer to the current and futures supply and demand trend rather than short selling,” said Noh-gil, a researcher at NH Investment & Securities. Mentioned.
Seo Sang-young, a researcher at Kiwoom Securities, said, “As the KOSPI has risen so far, it seems to be a control center showing the process of digesting some large-cap stocks.” ) It can be expanded and the direction of the index will be determined.”
Lee Jae-seon, a researcher at Hana Financial Investment, said, “If the intensity of individual purchases weakens due to the government’s adjustment of the stock market waiting fund, foreigners’ influence will inevitably be the one who determines the index level.” Together, we will react to rising US long-term interest rates.”
In addition, it is pointed out that the supply and demand of institutions rather moves according to the proportion of domestic stocks, along with the movement of the basis (pre-spot price difference). In particular, pension funds, which are considered the representative body of the institution, were net sold for 28 consecutive days. As the KOSPI rose sharply from the end of last year, it has already exceeded the share of domestic stocks set this year (16.8%), which means that for the time being, we have no choice but to stick to a similar investment strategy. In fact, this year, the agency has released all quantities except for number 4. During this period, it sold close to 10 trillion won in the KOSPI alone, setting a record high.
Kim Ji-san, a researcher at Kiwoom Securities, said, “The domestic market volatility is continuing, but after the US presidential election and vaccine performance at the end of last year, there was a short-term surge. Corona re-proliferation and economic blockade measures in China, etc., concerns about austerity by the People’s Bank, and volatility in the US stock market from game stop will serve as the basis for domestic adjustment.”
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