[Alpha Biz=(Chicago) Reporter Paul Lee] The KOSDAQ index closed at 871.83, down 2.79%. The market capitalization of the secondary battery industry was high, which was directly hit. The KOSPI fell 0.72% to close at 2619.08.

Kiwoom Securities explained, "The KOSDAQ fall has widened due to the heavy selling volume in the secondary battery industry."

Foreigners and institutions sold a net 317.5 billion won and 228.9 billion won on the KOSDAQ market, respectively. Selling was concentrated on secondary battery-related stocks such as L&F and Ecopro. Foreigners and institutions sold a total of 118.8 billion won worth of L&F. Ecoprobm and Ecopro also sold 69.6 billion won and 48 billion won, respectively.

Secondary battery stocks plunged because Chinese companies directly entered the U.S. battery material market, which was expected to be dominated by domestic companies. The Foreign Investment Review Board (CFIUS) under the U.S. Department of the Treasury approved the construction of a cathode material and cathode material plant in Michigan on the previous day by Chinese battery material company "Gotion."

 

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