Korean shares fell below the psychologically important 2,400 level on Friday as foreign investors continued to pull out from large-cap funds on growing recession fears across the world.

Korea’s benchmark stock index Kospi closed Friday down 0.43 percent at 2,440.93, after recovering from new annual intraday low of 2,396.47 touched in the early morning. It was the first dip below 2,400-mark since Nov. 5, 2020. Foreigners net sold 693.1 billion won ($537 million), while institutional and retail investors net bought 357.3 billion won and 276.4 billion won, respectively.

Kosdaq finished at 798.69, down 0.43 percent. The secondary bourse opened the day 2.12 percent lower.

Bellwether stock Samsung Electronics tumbled 1.8 percent to close at 59,800 won although it recouped some losses from new 52-week intraday low of 59,400 won. Last time the tech stock sank below 60,000 won was in November 2020.

Eugene Investment & Securities revised down its price target on Samsung Electronics to 79,000 won from 88,000 won, as it lowered the projection on the tech giant’s operating income by 2 percent for this year and 16 percent for next year.

Sangsangin Investment & Securities projected Samsung Electronics shares to slip as low as to 50,000 won, SK hynix shares 90,000 won, and Kospi 2,400.

By Pulse

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