KOSPI Hits Fresh Record Lows Every Day
26 October, 2018
The Korea Composite Stock Price Index fell to yet another record low on Wednesday, closing down 0.4 percent at 2,097.58 points. The last time the KOSPI closed below the 2,100 level was on March 10 of last year.
The junior Kosdaq also fell below the 700-point level for the first time in about a year, closing down 2.74 percent at 699.3 points.
The KOSPI got off to a strong start, but then plunged as foreign and individual investors cashed out. Foreign investors sold W329 billion worth of Korean stocks on Wednesday continuing a five-day selling spree (US$=W1,133). Individual investors also sold W260.4 billion worth of stocks.
An electronic board shows the Korea Composite Stock Price Index closing at 2,097.58 points at KEB Hana Bank headquarters in Seoul on Wednesday. /Newsis
No fresh negatives emerged to dampen investor sentiment, but lingering external uncertainties such as the U.S.-China trade war have increased stock market volatility.
Lee Kyung-min, an analyst at Daeshin Securities said, "External and internal factors have compounded. As the U.S.-China trade dispute intensifies, concerns are rising over a possible military clash."