The KOSPI 3000 collapsed again after 16 trading days. The stock market, which had been swayed by a selling bomb by foreigners and institutions, eventually gave up 3000 lines, the last bastion. There are voices of concern that the domestic stock market may continue to fall for the time being while the global stock market continues to shake.
According to the Korea Exchange on the 24th, KOSPI closed the market at 2994.98, down 75.11 points (2.45%) from the previous day. On this day, it started at 3070.58, a 0.49 point (0.02%) increase, and at one time in the morning it crossed the 3100 line, but in the afternoon it dropped to 2993.46, increasing the decline. It was only 16 trading days after the 29th of last month (2976.21) that fell below 3000 points based on the closing price.
On this day, individual investors net bought 5592 billion won in the securities market, but it was not enough to handle the sales volume of foreigners and institutions. In particular, foreigners have poured 2,697.2 billion won worth of goods while continuing the net selling march for 6 consecutive days from the 17th.
The recent deterioration in supply and demand seems to be plagued by fears of volatility amid rising US Treasury yields. Even though Jerome Powell, chairman of the Federal Reserve System (Fed), made a statement on the keynote of maintaining a quantitative easing policy on the previous day, investment sentiment seems to have declined significantly. In general, when government bond interest rates rise, companies that relied on easy loans will be hit, and the corporate value may be damaged. In addition, the news that the Hong Kong Exchange will increase the stamp duty (transaction tax) on stock transactions from 0.1% to 0.13% has also hit Asian markets.
In-hwan Ha, a researcher at KB Securities, said, “Since the end of last year, which had been strong, the stock market has focused mainly on the positive effects of fiscal policy based on expectations for economic improvement.” “Currently, the burden of government bonds due to additional stimulus measures, and economic improvement due to vaccine supply. Bond yields are rising rapidly as expectations and inflationary pressures from base effects are combined, and the market’s interest is sensitive to the possibility that the Fed’s tightening period will be accelerated due to rising interest rates, or valuation (stock price vs. earnings) risks due to rising interest rates. It was diagnosed as a situation in which it reacted very well.”
Lee Kyung-min, a researcher at Daishin Securities, said, “The interest rate variable has cracked the strength of the global financial market,” and analyzed that “the US 10-year Treasury bond rate has exceeded 1.3%, and the global financial market is sensitive to rising prices and interest rates.”
This means that the variable of interest rate itself can act as a burden on the market for the time being. “For the time being, the global financial market and the stock market will see a phase of adapting to changes in inflation and interest rate levels, and the relative slump of the KOSPI will continue, as compared to the global stock market, which has a short-term overheating and valuation burden.”
The group with the top market cap also hit a direct hit. SK Innovation fell more than 6%, and NAVER, Celltrion, Kia Motors, Hyundai Mobis, and LG Electronics also fell more than 4%.
Seo Sang-young, a researcher at Kiwoom Securities, said, “The Chinese stock market expanded as the mainstream industry plummeted. This weakness in the Chinese stock market is a stimulating desire to withdraw sales throughout the domestic stock market.” “There is.”
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