The KOSPI, which started strong, reversed course due to simultaneous selling by foreign and institutional investors. While Samsung Electronics and financial stocks weakened, the KOSDAQ continued to rise, buoyed by gains in semiconductor equipment and biotech stocks.
As of 12:53 p.m. on September 30, the KOSPI was down 20.95 points (0.30%) at 6,849.86, having peaked at 6,956.64 earlier in the session before turning negative.
In the securities market, foreign and institutional investors sold a net 739.3 billion won and 750.3 billion won, respectively, putting pressure on the index. Meanwhile, individual investors were net buyers, purchasing 439.2 billion won.
Among the top market capitalization stocks, Samsung Electronics traded at 269,000 won, down 1.28% from the previous session. Other decliners included Samsung Electronics preferred shares (-3.48%), Samsung Life (-3.27%), KB Financial (-1.79%), Hyundai Motor (-1.14%), and Samsung Electro-Mechanics (-1.08%). In contrast, SK Hynix (0.91%), Samsung Biologics (0.87%), LG Energy Solution (0.71%), and SK Square (0.45%) saw gains.
The KOSDAQ maintained its upward trend, recording a rise of 6.48 points (0.76%) to 856.28 at the same time. Institutions and individuals were net buyers, purchasing 19 billion won and 2 billion won, respectively, while foreign investors sold a net 10.7 billion won.
In the KOSDAQ, semiconductor equipment and biotech stocks were strong performers. IOTechniques rose 4.54%, followed by HLB (4.11%), Juseong Engineering (4.05%), EcoPro (1.90%), EcoPro BM (1.70%), and Rainbow Robotics (1.56%). However, Simtech fell by 1.97%.
The won-dollar exchange rate is rising, with the rate at 1,355.80 won, up 2.30 won (0.17%) from the previous session.
Overnight, U.S. stocks closed slightly lower amid concerns over rising long-term Treasury yields. The Dow Jones Industrial Average fell 0.26%, the S&P 500 dropped 0.17%, and the Nasdaq Composite declined 0.09%.
Lee Kyung-min, a researcher at Daishin Securities, noted that the ongoing pressure from U.S. long-term interest rates necessitates attention to external factors such as monetary policy and Middle Eastern developments. The U.S. consumer confidence index for September was 81.9, falling short of the market expectation of 89.2, while the August Job Openings and Labor Turnover Survey (JOLTS) reported job openings at 7.079 million, below the forecast of 7.23 million.
However, New York Federal Reserve President John Williams indicated that there is no need to rush into further tightening, which eased some of the rate pressure. Following Williams' comments, the probability of a rate hike in October dropped from about 70% to around 50%, with the market interpreting this as leaving open the possibility of a hike in December instead.
The potential easing of inflationary pressures from the Middle East is also a variable to watch. The researcher explained that due to increased shipments from Saudi Arabia and the United Arab Emirates, the oil export volume from the seven major Middle Eastern countries reached its highest level since the outbreak of conflict in February. As Middle Eastern oil exports recover to about 80% of pre-conflict levels, investors are expected to focus on further movements in international oil prices and long-term interest rates that have recently pressured the market.
* This article has been translated by AI.
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