◆Aju Economy Major News
▷[In-Depth Analysis] 'KOSPI Stalls at 7,000 Points' Amid Selling Pressure and Rising Rates
- On September 2, the Korea Exchange reported that the KOSPI closed at 6,562.72 points, down 273.08 points (3.99%) from the previous trading day. After attempting to break the 7,000-point mark for two consecutive days, the index fell due to renewed clashes between the U.S. and Iran, which negatively impacted U.S. markets.
- The KOSPI 200 Volatility Index (VKOSPI) recorded 43.37, a decline of about 46.3% compared to the first trading day of last month (80.78). The VKOSPI peaked at 82.05 on August 4 but has steadily decreased, falling into the 40s for the first time since mid-April by the end of last month.
- Analysts attribute the KOSPI's underperformance to several factors. One key issue is the selling pressure from individual investors. According to Kiwoom Securities, the net buying amount from individual investors at the 7,000-point level is estimated to be around 87 trillion won.
- This significant selling pressure is said to create a structure where selling volumes emerge to recover losses or principal whenever the index rises.
- There are also concerns regarding foreign investors' buying capacity. As of September 1, foreign ownership in the KOSPI market reached 19.70%, marking a record high during the reporting period. Analysts interpret this as a sign of dwindling buying capacity.
- Additionally, the rise in long-term U.S. Treasury yields is seen as a contributing factor, exerting downward pressure on the stock market.
◆Major Reports
▷Inflation as Gravity, Transmission as Centrifugal Force [KB Securities]
- With soaring commodity prices, low oil inventories, and an ongoing war, supply-side inflationary pressures continue. Long-term interest rates are also reflecting this, remaining high.
- In September, measures for interest rate stabilization are expected, but KB Securities has suggested sectors resilient to inflation, such as energy and materials, in case the effects are weak.
- A reference point is 2021, when oil prices rose from around $40 at the end of 2020 to $80 in 2021, leading to initial pressure on producer prices, which began to affect consumer prices in 2022.
- Sectors that successfully defended profit margins by passing costs onto prices during that period included transportation, energy, chemicals, steel, batteries, machinery, and retail.
- These sectors demonstrated resilience against supply shocks, particularly those that maintained profitability until oil prices surpassed $120 in 2022.
◆Key Announcements After Market Close (September 2)
▷Daemyung Energy: "Acquired additional shares of Gokseong Green Wind Power for 18.6 billion won"
▷Duksan Neolux: "Acquired additional shares of Canopus Holdings for 71.5 billion won"
▷U.S. asset management firm that purchased over 5% of Shinhan Financial: "Positive evaluation of value-up"
◆Fund Trends (as of September 1, excluding ETFs)
▷Domestic Equity: +270.9 billion won
▷Overseas Equity: +157.5 billion won
◆Today's Schedule (September 3)
▷China: Racing Dog Services PMI (August)
▷U.S.: ISM Services Index (August), Non-Farm Productivity, Unit Labor Costs (Q2)
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.