◆Ajou Economy Major News
▷KOSPI drops sharply as investors face significant losses
- The domestic stock market has experienced heightened volatility due to concerns over U.S. interest rate hikes and a global tech stock downturn. - Individual investors, who had heavily invested in single-stock leverage ETFs for Samsung Electronics and SK Hynix, are now facing significant evaluation losses as leading stocks plummet. - As warnings of market overheating spread, concerns about the concentration of investments in the domestic stock market are also growing. - On June 8, the KOSPI opened at 8,048.09, down 112.50 points (1.38%) from the previous trading day, and the decline accelerated, triggering a circuit breaker at 9:03 a.m. - The index fell as low as 7,442.73, prompting a sell-side circuit breaker, and ultimately closed at 7,484.41, down 676.18 points (8.29%). The KOSPI index, which closed at 8,801.49 on June 2, has dropped 15% in just three trading days. - The decline is attributed to concerns about the Federal Reserve's tightening policies following strong U.S. employment data for May and news of capital increases by hyperscalers, raising questions about AI profitability. - Leading stocks Samsung Electronics and SK Hynix were hit hard, with Samsung Electronics falling 10.18% to 295,500 won and SK Hynix dropping 7.68% to 1,911,000 won. - Particularly affected were the single-stock leverage ETFs that attracted individual investors, with trading volumes for 16 ETFs related to Samsung Electronics and SK Hynix reaching 8.2 trillion won on that day.
◆Key Report: Exchange rate above 1,550 won appears excessive [iM Securities]
- The soaring dollar-won exchange rate has been temporarily controlled through direct and indirect government interventions. - A volatile market is expected in the near term due to factors such as U.S. inflation variables, uncertainties in the Federal Reserve's interest rate policy, the outcome of negotiations between the U.S. and Iran, potential re-intervention by the Japanese government in the foreign exchange market, and foreign selling of domestic stocks. - While there are underlying risks that could drive the dollar-won exchange rate higher, levels above 1,550 won are considered excessive, and it is expected to fall to the mid-1,400s if uncertainties regarding Iran are alleviated.
◆Major Announcements After Market Close (June 8)
▷Samsung Electronics reported consolidated sales of 133.8734 trillion won, operating profit of 57.2328 trillion won, and net profit of 47.2253 trillion won for the previous quarter. ▷Samsung Heavy Industries secured a contract for one LNG carrier worth approximately 385.5 billion won from a shipowner in Oceania. ▷HD Hyundai Heavy Industries received orders for two VLGCs worth a total of 360.7 billion won from a European shipowner. ▷Hyundai Engineering & Construction won a contract for the construction of two complex development sites in the Wirye New Town worth 3.0394 trillion won from Songpa Business Cluster PFV. ▷Taesung signed a contract to supply PCB automation equipment worth approximately 6.1 billion won with an overseas agent.
◆Fund Trends (as of June 5, excluding ETFs)
▷Domestic equity funds: -44.4 billion won
▷Overseas equity funds: -38.7 billion won
◆Key Schedule for Today (June 9)
▷South Korea: GDP growth rate (Q1)
▷China: Import and export trends (May)
▷Germany: Industrial production (April), import and export statistics (April)
▷United States: Small business optimism index (May), import and export statistics (April), existing home sales (May)
* This article has been translated by AI.
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