The KOSPI opened lower on May 8, dropping over 2% after surpassing 7,500 points the previous day, influenced by declines in the U.S. market.
As of 9:16 a.m., the KOSPI was down 154.71 points (2.07%) at 7,335.34. It started the day at 7,353.94, down 136.11 points (1.82%), and continued to fall amid foreign selling.
Han Ji-young, a researcher at Kiwoom Securities, noted, "Today’s market is experiencing a pause due to profit-taking pressures stemming from uncertainties surrounding U.S.-Iran negotiations and weakness in the Philadelphia semiconductor index. During this time, sectors that suffered declines due to recent news and earnings reports, such as defense, may see a rotation in buying."
All three major U.S. indices closed lower overnight. The Dow Jones Industrial Average fell 0.63% to close at 49,596.97. The S&P 500 dropped 0.38% to 7,337.11, while the Nasdaq declined 0.13% to 25,806.20.
Despite reaching record highs during the day, the S&P 500 and Nasdaq reversed gains in the afternoon as uncertainties regarding U.S.-Iran negotiations emerged.
In the securities market, foreign and institutional investors sold a net 1.689 trillion won and 121.2 billion won, respectively, while individuals bought a net 1.7824 trillion won.
Most large-cap stocks declined, including Samsung Electronics (-3.50%), SK Hynix (-2.72%), and LG Energy Solution (-1.45%). Hyundai Motor also saw a drop of 3.85%.
At the same time, the KOSDAQ index rose 13.13 points (1.09%) to 1,212.31, starting the day at 1,199.47, up 0.29 points (0.02%).
In the KOSDAQ market, individuals sold a net 293.4 billion won, while foreign and institutional investors bought a net 298.1 billion won and 30.5 billion won, respectively.
Among top KOSDAQ stocks, EcoPro BM (1.06%), Alteogen (0.42%), and Rainbow Robotics (10.76%) saw gains, while EcoPro (-0.31%) and Rino Industrial (-1.50%) declined.
* This article has been translated by AI.
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