The KOSPI fell as much as 4.76% and slipped below 5,500 points intraday while foreign and institutional investors sold Korean securities, according to BlockBeats.
Market move
BlockBeats attributed the pressure to higher U.S. Treasury yields and a weak first-day performance by a data-center company IPO. The report described the causes as market factors rather than a confirmed single trigger.
Investor flows
By the report’s cutoff, foreign investors had net sold 636.7 billion won and institutional investors had net sold 467.0 billion won. The figures were intraday snapshots, not closing totals. Eugene analyst Huh Jae-Hwan said the selling appeared broad and the market looked fragile, according to the report.
Source: BlockBeats flash.