The KOSPI is showing weakness below the 6,790 level due to simultaneous selling by foreign and institutional investors. Despite Micron's record earnings, the domestic market is pressured by rising interest rates following mixed signals from the U.S. stock market.
As of 9:05 a.m. on October 1, the KOSPI has dropped 45.69 points (0.67%) to 6,792.35 compared to the previous trading day. The index started at 6,814.49, down 23.55 points (0.34%), and has since widened its losses.
In the securities market, foreign and institutional investors have net sold 327.8 billion won and 120.3 billion won, respectively, while individual investors have net bought 437.1 billion won.
Among the top market capitalization stocks, the performance is mixed. Samsung Electronics (-0.65%), SK Hynix (-0.28%), SK Square (-2.99%), Samsung Electro-Mechanics (-2.51%), LG Energy Solution (-0.28%), KB Financial Group (-0.24%), and Samsung C&T (-0.35%) are all down. In contrast, Hyundai Motor (0.72%) and Samsung Biologics (0.14%) are up.
The KOSDAQ index is also showing weakness. At the same time, the KOSDAQ index has decreased by 0.09 points (0.01%) to 855.82. The index started at 853.96, down 1.95 points (0.23%), and has been fluctuating.
In the KOSDAQ market, foreign and institutional investors have net sold 22.3 billion won and 20.5 billion won, respectively, while individual investors have net bought 63.9 billion won.
Among the top market capitalization stocks, the performance is mixed. EcoPro (0.50%), Wonik IPS (3.88%), EO Technics (1.73%), Simtec (0.27%), Rino Technology (2.59%), and HPSP (3.61%) are all up, while Juseong Engineering (-0.86%), EcoPro BM (-0.18%), and Rainbow Robotics (-0.72%) are down.
Overnight, the U.S. stock market closed mixed as the August Personal Consumption Expenditures (PCE) price index fell short of market expectations, but long-term Treasury yields surged. The Dow Jones Industrial Average fell 0.86%, and the S&P 500 dropped 0.25%. In contrast, the tech-heavy Nasdaq Composite rose 0.24%. The Philadelphia Semiconductor Index remained flat, while KOSPI 200 futures fell 0.46%.
U.S. stocks initially rose on the back of slowing PCE inflation but gave up most of those gains as long-term Treasury yields increased. The August PCE price index rose 3.4% year-over-year, below the market expectation of 3.7%, and core PCE also fell short of expectations.
However, the yield on the U.S. 10-year Treasury bond surpassed 5.3% during the day, and the 30-year bond yield exceeded 5.6%, putting pressure on the stock market. This is attributed to concerns over prolonged high interest rates despite easing inflation.
In the semiconductor sector, Micron's strong performance is seen as a factor supporting investor sentiment. Micron reported a revenue of $54.23 billion for the fourth quarter of fiscal year 2026 (June to August), exceeding the market estimate of $51.07 billion, according to the London Stock Exchange Group (LSEG).
Despite the pressure from rising long-term U.S. interest rates, some analysts predict a rebound in the domestic market. Han Ji-young, a researcher at Kiwoom Securities, stated, "The domestic market is expected to rebound due to the easing of concerns following the end of quarterly rebalancing, the positive impact of Micron's earnings surprise, and expectations for September exports from Korea, despite the news of the U.S. stock market giving back gains due to the surge in 10-year Treasury yields."
* This article has been translated by AI.
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