It seems the index is pausing in the face of the 2,000-line resistance. The decline was largely led by institutional investors who sold their fund holdings motivated by profit taking. Still, foreigners have kept their net-buying tendency for 14th consecutive trading day. Since August 23, foreigners have poured a total of 4.6 trillion won in the KOSPI market.
According to the Financial Supervisory Service, the bulk of the money coming in to Korean stock markets has been accounted for by U.S. sources, which net-bought 650 billion won worth of shares for seven trading days in September. This was followed by the UK (450 billion won), Singapore (400 billion won), Luxembourg (300 billion won), and France (200 billion won).
Hyundai Securities analyst Lee Sang-jae said, "From the viewpoint of foreign investors, the current situation in Korea's stock markets is analogous to what went on in Japan last winter when an unusually upward pressure has formed."
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