The KOSPI closed down 1.79% as foreign and institutional investors sold off shares. Despite a rally in U.S. tech stocks, led by Nvidia's strong performance, domestic semiconductor stocks weakened, putting downward pressure on the index. The KOSDAQ showed mixed trading but ended slightly higher.
On August 28, the Korea Exchange reported that the KOSPI fell by 123.49 points to close at 6788.88. The index opened down 65.83 points at 6846.54 and widened its losses throughout the day.
Individuals purchased a net 424.4 billion won worth of stocks, while foreign and institutional investors sold a net 1.7564 trillion won and 284.2 billion won, respectively.
Most of the top market capitalization stocks declined, including Samsung Electronics (-3.38%), SK Hynix (-4.45%), Samsung Electronics Preferred (-3.86%), SK Square (-3.75%), and Samsung Biologics (-6.78%). In contrast, Samsung Electro-Mechanics (2.60%), Hyundai Motor (0.38%), Samsung Life Insurance (0.98%), and KB Financial (2.08%) saw gains.
Market analysts noted that while U.S. tech stocks were strong, expectations for domestic stocks had already been priced in, and the upcoming Jackson Hole meeting added to market caution.
Concerns about additional tariffs on imported semiconductors and IT products, including servers and laptops, from the U.S. have dampened investor sentiment, particularly regarding semiconductor stocks.
Samsung Biologics continued to decline following its announcement of a 3.9 trillion won rights offering to finance the acquisition of Polypeptide Group.
On the same day, the KOSDAQ closed up 0.09%, gaining 0.76 points to finish at 838.41. The index opened down 2.42 points at 835.23 but reversed course during the trading session.
Individuals bought a net 98.1 billion won worth of stocks, while foreign and institutional investors sold a net 93.8 billion won and 3.4 billion won, respectively.
The top KOSDAQ stocks showed mixed results. Alteogen (2.73%), EcoPro BM (0.17%), Rino Industry (0.15%), HLB (1.55%), and Pharma Research (6.71%) rose, while EcoPro (-1.96%), Rainbow Robotics (-3.18%), Juseong Engineering (-1.28%), Wonik IPS (-1.42%), and IOTechniques (-1.97%) fell.
Lim Jeong-eun, a researcher at KB Securities, stated, "The weakness of Samsung Electronics and SK Hynix has put downward pressure on the KOSPI, but a rotation into non-semiconductor sectors like food and beverage, banking, and refining has resulted in a rise in the proportion of gainers to over 68%." He added, "The KOSDAQ's pharmaceutical and biotech sectors remained strong, while the electronics sector lagged behind."
Lim also noted that with Federal Reserve Chair Jerome Powell's keynote speech at Jackson Hole scheduled for tonight, it is essential to monitor any messages regarding future monetary policy. Additionally, U.S. employment data and earnings reports from AI-related companies like Broadcom are expected next week.
Meanwhile, in the Seoul foreign exchange market, the weekly closing exchange rate for the won against the dollar was recorded at 1372.5 won, down 8.4 won from the previous day.
* This article has been translated by AI.
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