The KOSPI index showed weakness early on the 28th, trading below the 7050 mark. While U.S. stocks closed higher due to strong performance in AI-related technology shares, rising long-term U.S. government bond yields have pressured major semiconductor stocks like Samsung Electronics and SK Hynix, dragging down the index.
According to the Korea Exchange, as of 9:07 a.m., the KOSPI was down 30.73 points (0.43%) at 7050.19, having dipped to as low as 7035.03 during the session before partially recovering.
In the securities market, foreign and institutional investors sold a net 73.1 billion won and 23.1 billion won, respectively, contributing to the index's decline. Meanwhile, individual investors bought a net 77.1 billion won.
Among the top market capitalization stocks, the performance was mixed. Samsung Electronics traded down 0.18% at 285,000 won, while SK Hynix fell 1.93%, Samsung Electronics preferred shares dropped 3.41%, and SK Square decreased by 2.02%. Conversely, Samsung Electro-Mechanics rose 4.78%, LG Energy Solution increased by 2.28%, Hyundai Motor gained 0.57%, Samsung Biologics was up 1.39%, and Samsung Life Insurance rose 1.36%.
At the same time, the KOSDAQ index was up 4.86 points (0.58%) at 849.34 compared to the previous trading day. Individual investors purchased a net 22.7 billion won, while foreign and institutional investors sold a net 5.1 billion won and 16.5 billion won, respectively.
Among the top KOSDAQ stocks, Alteogen rose 2.00%, EcoPro increased by 1.00%, EcoPro BM was up 1.24%, and Simtech gained 1.14%. Notably, HLB surged by 29.95%. However, JUSUNG Engineering fell 1.67%, Rainbow Robotics decreased by 0.58%, Wonik IPS dropped 4.56%, IOTechniques was down 1.87%, and Rino Industry fell 1.95%.
Overnight, U.S. stocks rose across the board, buoyed by strong performance in AI-related technology shares. On September 25, the Dow Jones Industrial Average increased by 0.93%, while the S&P 500 and Nasdaq Composite rose by 0.51% and 0.48%, respectively. Microsoft saw a 3.7% jump after unveiling new AI features, supporting the tech sector.
However, the U.S. 10-year Treasury yield surged to its highest level since 2007, maintaining pressure from high interest rates. The September S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 57.0, exceeding market expectations of 53.6, while new home sales in August reached 684,000, surpassing the forecast of 615,000, raising concerns about further tightening.
Lee Kyung-min, a researcher at Daishin Securities, noted, "Despite the AI momentum in the U.S. stock market, concerns about additional interest rate hikes from the Federal Reserve and macroeconomic uncertainties, including the situation in the Middle East, are impacting sentiment." He emphasized that with the U.S. 10-year Treasury yield exceeding 5%, future Fed monetary policy and oil price trends will be significant factors for the domestic market.
The potential for negotiations between the U.S. and Iran is providing some support for investor sentiment. The researcher mentioned that President Donald Trump has indicated the possibility of additional talks with Iran this week. Iran has proposed measures including the reopening of the Strait of Hormuz and nuclear negotiations, with indirect talks between the two sides potentially occurring as early as today.
* This article has been translated by AI.
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