SEOUL, September 29 (AJP) - South Korea's benchmark index remained below 6,900 Tuesday morning as foreign investors sold more than 1 trillion won ($762 million) of shares, offsetting gains in Samsung Electronics and other chip stocks.
The Korea Composite Stock Price Index (KOSPI) stood at 6,859.59 as of 11:15 a.m., down 30.15 points, or 0.44 percent, from Monday's close.
The index moved between 6,822.36 and 6,898.36 during the morning session.
The KOSPI had fallen 2.7 percent Monday to 6,889.74 as trading resumed after the Chuseok holiday, with foreign and institutional investors selling heavily.
The selling continued Tuesday. Foreign investors sold a net 1.03 trillion won of KOSPI shares by 11:15 a.m., while individual investors bought 499.6 billion won.
Semiconductors moved against the broader market.
The semiconductor and semiconductor-equipment sector rose 1.0 percent. Samsung Electronics gained 1.7 percent to 274,500 won, while SK hynix edged up 0.3 percent to 1,774,000 won.
SK Square, the holding company that owns a major stake in SK hynix, rose 1.2 percent to 1,113,000 won. Hanmi Semiconductor climbed 5.8 percent to 248,000 won.
The gains amounted to a partial rebound from Monday, when Samsung Electronics fell 5.4 percent and SK hynix lost 5.1 percent.
The resilience also contrasted with an overnight retreat in U.S. equities.
The S&P 500 fell 0.8 percent Monday, the Nasdaq Composite lost 0.9 percent and the Dow Jones Industrial Average declined 0.7 percent as higher oil prices and Treasury yields weighed on risk assets.
The Philadelphia Semiconductor Index fell 1.6 percent, while Micron Technology dropped 2.6 percent.
The benchmark U.S. 10-year Treasury yield rose to about 5.25 percent, extending pressure on growth and technology shares.
Outside chips, several major Korean stocks remained under pressure. Doosan Enerbility fell 3.3 percent to 79,300 won, while Hyundai Motor lost 2.0 percent to 347,500 won.
Electronics components also edged higher. Samsung Electro-Mechanics rose 0.3 percent to 1,504,000 won, Daeduck Electronics gained 3.2 percent to 127,300 won and LG Innotek added 0.5 percent to 581,000 won.
The junior KOSDAQ fell 0.8 percent to 839.72 after trading between 833.62 and 844.33.
Individual investors bought a net 268.9 billion won of KOSDAQ shares, while foreign investors sold 131.8 billion won and institutions sold 114.6 billion won.
Semiconductor-related names were among the most actively traded stocks on the secondary market. HPSP rose 7.9 percent to 60,400 won, Philoptics gained 9.2 percent to 37,450 won and Jusung Engineering climbed 2.4 percent to 214,000 won. Hanbit Laser surged 21.5 percent to 6,550 won.
Some of the day's strongest theme readings were amplified by newly listed stocks.
Physical AI stocks rose 3.5 percent, with Bigwave Robotics surging 183.3 percent to 51,000 won on its first day of trading. The company had priced its initial public offering at 18,000 won.
System semiconductor stocks gained 2.6 percent. Global Technology, also making its KOSDAQ debut Tuesday, jumped 156.5 percent to 25,650 won after pricing its IPO at 10,000 won.
Elsewhere in Northeast Asia, equities were also lower.
Japan's Nikkei 225 fell 0.9 percent to 65,307.00. China's Shanghai Composite slipped 0.1 percent to 3,818.95, while Hong Kong's Hang Seng Index declined 0.6 percent to 24,492.97.
The broadly weaker regional session suggested Seoul's decline was part of a wider risk-off move, although Korean semiconductor stocks continued to outperform the domestic benchmark.
The won strengthened 1.8 won against the dollar to 1,358.2.
Oil prices remained an external pressure point.
Brent crude traded above 106 dollars a barrel in Asian trading Tuesday, while West Texas Intermediate crude was above 93 dollars. Brent had settled Monday at 105.28 dollars and WTI at 92.60 dollars as markets weighed uncertainty over U.S.-Iran negotiations and the outlook for oil flows through the Middle East.
AJP Takeaways
- Foreign investors sold more than 1 trillion won of KOSPI shares by 11:15 a.m., keeping the index lower despite gains in Samsung Electronics and SK hynix.
- Korean chip stocks outperformed both the domestic market and an overnight decline in U.S. semiconductor shares.
- The Nikkei 225, Shanghai Composite and Hang Seng Index were all lower, pointing to broader weakness across Northeast Asian equities.
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