Why KOSDAQ Stayed Green as KOSPI Dropped 1.79%
KOSDAQ closed up 0.09% at 838.41 while KOSPI fell 1.79% to 6,788.88 — a split that owes more to index structure than to sentiment. What makes Friday's session worth a closer look is that both markets saw the same investors doing the same things: individuals buying, foreigners and institutions selling. One index absorbed the pressure; the other took a 123.49-point hit. This post is about why an identical flow pattern produced such different outcomes, and what would tell us whether KOSDAQ's resilience is real or just arithmetic. One Flow Pattern, Two Results Start with the flows themselves. On KOSPI, morning-session readings showed individuals net buying roughly 65.3 to 94.7 billion won, foreigners net selling 23.6 to 80.9 billion won, and institutions net selling 81.9 to 114.8 billion won, with program trading contributing a further 68.6 billion won of net selling. On KOSDAQ, the structure was the same in miniature: individuals net buyers at around 68.8 billion won, foreigners n...