South Korea’s benchmark KOSPI briefly erased an earlier drop that had reached 3.6%, then traded down 0.1%, according to Odaily. Samsung Securities stock sales trader Roy Lim said pension funds stepped in late in the session to buy KOSPI component stocks, with a focus on technology names. Lim said the funds were net buyers of KRW 120 billion worth of shares within 20 minutes.
Samsung Electronics and SK Hynix were little changed after both had earlier fallen more than 4% and later recovered those losses. Flow data cited in the report showed retail investors were net buyers of KRW 785 billion in KOSPI stocks, while foreign investors were net sellers of KRW 931 billion. The small-cap KOSDAQ index also cut its earlier decline, narrowing from 4% to about 0.8%. The report attributes the late rebound in the benchmark index in part to pension-related buying described by the Samsung Securities trader.
South Korea’s benchmark Korea Composite Stock Price Index, or KOSPI, briefly wiped out an earlier loss that had reached 3.6% before slipping back to a decline of 0.1%, according to Odaily.
Roy Lim, a stock sales trader at Samsung Securities, said pension funds were notable buyers of KOSPI component stocks late in the session, focusing on technology shares. Lim said pension funds were net buyers of KRW 120 billion worth of stocks within 20 minutes.
Samsung Electronics and SK Hynix were little changed after both had earlier fallen more than 4%. The two stocks have since recovered those losses.
Retail investors were net buyers of KRW 785 billion in KOSPI shares, while foreign investors were net sellers of KRW 931 billion. The small-cap KOSDAQ index also narrowed its decline from an earlier 4% drop to about 0.8%.
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