KOSPI continued its decline, falling over 2% due to rising U.S. long-term interest rates and surging international oil prices, dipping below the 7000 mark. Foreign and institutional investors led the sell-off, while individual investors purchased over 2 trillion won worth of shares. The KOSDAQ also showed weakness, dropping over 2%.
As of 1 p.m. on September 11, the KOSPI was down 171.11 points (2.43%) at 6862.81 compared to the previous trading day.
The index opened sharply lower, down 231.42 points (3.29%) at 6802.50, before slightly recovering. However, it fluctuated around the 6800 level as selling pressure from foreign and institutional investors persisted.
In the securities market, individual investors net bought 2.7888 trillion won, while foreign and institutional investors net sold 2.1365 trillion won and 1.7724 trillion won, respectively. Individual investors absorbed the large sell-off from foreign and institutional players.
Most of the top market capitalization stocks declined, including Samsung Electronics (-4.18%), SK Hynix (-3.99%), SK Square (-5.37%), Samsung Electro-Mechanics (-3.15%), Hyundai Motor (-2.57%), Samsung Biologics (-1.26%), Samsung Life Insurance (-1.78%), and Samsung C&T (-2.77%). In contrast, KB Financial Group rose by 2.71%.
At the same time, the KOSDAQ index was trading at 818.80, down 18.12 points (2.17%) from the previous trading day.
In the KOSDAQ market, individual investors net bought 469.1 billion won, while foreign and institutional investors net sold 350.8 billion won and 121.4 billion won, respectively.
Among the top KOSDAQ stocks, Alteogen (-4.33%), EcoPro (-4.26%), EcoPro BM (-7.41%), JUSUNG Engineering (-3.39%), Rainbow Robotics (-3.34%), IOTech (-2.75%), Wonik IPS (-7.07%), Rino Technology (-3.46%), and Simtech (-2.91%) all saw declines.
Meanwhile, analysts noted that the rise in interest rates and oil prices, along with concerns over the U.S. Consumer Price Index (CPI) for August, are likely to increase short-term volatility. However, they believe the earnings strength of the domestic market remains solid. They particularly highlighted that the profit momentum of leading sectors like artificial intelligence (AI) and semiconductors is still strong, suggesting that any index adjustments due to macro shocks are unlikely to lead to a sustained decline.
Han Ji-young, a researcher at Kiwoom Securities, stated, "With U.S. 10-year Treasury yields nearing 5% and WTI prices exceeding $100, the pressure from rising rates and oil prices is increasing. However, the earnings strength of leading sectors like AI and semiconductors remains solid. If the August CPI aligns with market expectations, the upward trends in oil and interest rates may reverse, maintaining a floor under the stock market."
He added, "Oracle's strong performance could help mitigate the declines in the domestic market. If the CPI does not deviate significantly from consensus, the recovery path for the stock market is likely to be maintained even amid volatility leading up to the September FOMC meeting."
* This article has been translated by AI.
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