The KOSPI index failed to maintain its early gains and fell below the 5,500 mark. The KOSDAQ index also dropped more than 2%, falling below 700. After starting strong due to the rise of U.S. semiconductor stocks, the domestic market reversed course amid significant foreign selling.
According to the Korea Exchange, as of 10:38 a.m., the KOSPI was trading at 5,556.67, down 92.12 points (1.63%) from the previous trading day.
Initially, the KOSPI showed strength by recovering the 5,800 level, but it turned downward as foreign selling intensified. It has since given back all its early gains and widened its losses.
In the securities market, foreign investors sold a net 632.7 billion won, dragging the index down. In contrast, retail and institutional investors bought a net 339.8 billion won and 171.9 billion won, respectively, absorbing the selling pressure.
Most of the large-cap stocks are in the red. Samsung Electronics is trading at 216,000 won, down 1.59% from the previous day, while SK Hynix has fallen 2.43% to 1,364,000 won. Other semiconductor-related stocks, including Samsung Electronics Preferred (-0.70%), SK Square (-1.22%), and Samsung Electro-Mechanics (-1.72%), are also declining.
LG Energy Solution (-5.92%), Samsung Biologics (-2.82%), and Hyundai Motor (-1.44%) are also showing weakness. However, KB Financial is up 0.07%.
The KOSDAQ market is also widening its losses. At the same time, the KOSDAQ index is trading at 690.24, down 14.15 points (2.01%) from the previous day. After closing above 704 the day before, the index has fallen below 700 in just one day.
In the KOSDAQ market, foreign and institutional investors sold a net 27.2 billion won and 23 billion won, respectively. Meanwhile, retail investors are buying a net 71.3 billion won.
Among the large-cap stocks, Alteogen (-8.52%), EcoPro (-1.14%), EcoPro BM (-2.17%), and Rainbow Robotics (-2.73%) are declining. Notably, HLB has plummeted by 20.27%, marking a significant drop.
On the other hand, some semiconductor-related stocks, such as Simtech (8.90%), EoTechnics (2.65%), and JUSUNG Engineering (1.23%), are maintaining their upward momentum.
Overnight, major semiconductor stocks like NVIDIA and AMD rose on the New York Stock Exchange, boosting expectations for a rebound in the domestic market. However, the selling pressure from foreign investors has dampened the upward trend.
Market analysts point to the results of the U.S. midterm elections, U.S. Treasury yields, and foreign futures and program trading as key factors influencing market volatility. There are concerns that if foreign selling continues, particularly among large-cap semiconductor stocks, further declines in the index could occur.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.