The KOSPI, which started the day with a gain of over 2%, reversed course in the afternoon due to selling pressure from foreign and institutional investors. Samsung Electronics and SK Hynix also showed weakness.
As of 1:12 PM, the KOSPI index was down 32.70 points (0.61%) at 5,310.48, having opened at 5,460.08, up 117.35 points (2.20%) from the previous trading day, before turning downward around 12:30 PM.
This shift is attributed to foreign investors switching from buying to selling, compounded by institutional selling. In the securities market, foreign and institutional investors sold a net 199.6 billion won and 283.7 billion won, respectively, while individual investors bought a net 107.8 billion won. Earlier in the day, foreign investors had net purchased about 320.7 billion won.
Most of the large-cap stocks are declining. Samsung Electronics fell 0.72%, SK Hynix dropped 2.87%, SK Square decreased by 5.32%, and Samsung Electro-Mechanics was down 2.46%. Both Samsung Electronics and SK Hynix had shown gains of over 2% in the early session but reversed direction.
In contrast, the KOSDAQ index is trending upward. At the same time, the KOSDAQ index was up 10.11 points (1.45%) at 706.91. In the KOSDAQ market, individual investors sold a net 157.3 billion won, while foreign and institutional investors bought a net 23.8 billion won and 132.3 billion won, respectively.
Most large-cap stocks in the KOSDAQ are rising. Alteogen increased by 0.45%, EcoPro by 0.55%, EcoPro BM by 1.45%, JUSUNG Engineering by 1.80%, and Rainbow Robotics surged by 10.56%.
The market is digesting the management uncertainty following the resignation of Jensen Huang, CEO of NVIDIA. The NVIDIA board announced that Huang has stepped down as CEO and director immediately, appointing Colette Kress, Chief Financial Officer and Senior Vice President, as interim CEO.
As a result, NVIDIA's stock price initially plummeted over 13% due to the uncertainty surrounding Huang's resignation but later reduced its losses, closing down 4.34% at $166.19.
Han Ji-young, a researcher at Kiwoom Securities, stated, "Despite the resignation of CEO Jensen Huang, the weak performance of Nevius, rising interest rates, and increasing oil prices, some of these negative factors have already been priced in, and the influx of bargain buying may limit further declines, leading to a differentiated performance among sectors."
* This article has been translated by AI.
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