The KOSPI and KOSDAQ are experiencing significant declines during trading hours. Following substantial foreign net selling, the KOSPI dropped to the 7100 range, while the KOSDAQ, which had initially risen, fell over 2%.
As of 2:18 PM on May 19, the KOSPI was trading at 7267.63, down 248.41 points (3.31%) from the previous trading day. The index opened at 7425.66, down 90.38 points (1.20%).
The KOSPI fell to as low as 7141.91 during the day, marking the second consecutive trading day below the 7200 level, following a previous intraday low of 7142.71. This volatility comes after a recent sharp rise in the index.
While individual investors purchased a net 4.6521 trillion won worth of stocks, foreign and institutional investors sold a net 4.7283 trillion won and 196 billion won, respectively.
Most of the top market capitalization stocks are in decline. Samsung Electronics fell 1.78%, SK Hynix dropped 4.73%, SK Square decreased by 7.14%, Hyundai Motor fell 9.50%, LG Energy Solution declined 2.08%, Samsung Electro-Mechanics dropped 4.85%, Doosan Enerbility fell 6.16%, and HD Hyundai Heavy Industries decreased by 3.09%. In contrast, Hanwha Aerospace rose by 4.97%, and Samsung Life Insurance increased by 0.16%.
At the same time, the KOSDAQ was trading at 1079.63, down 31.46 points (2.83%) from the previous trading day. The index opened at 1111.36, up 0.27 points (0.02%) but quickly turned downward. The intraday low of 1063.28 is the lowest level since April 7, when it recorded 1026.95.
Individual investors bought a net 1183 billion won worth of stocks, while foreign and institutional investors sold a net 350 billion won and 401 billion won, respectively.
Most of the top KOSDAQ stocks are also experiencing declines. EcoPro BM fell 3.68%, EcoPro dropped 3.94%, Rainbow Robotics decreased by 10.86%, Kolon TissueGene fell 2.58%, Samchundang Pharm dropped 2.14%, JUSUNG Engineering decreased by 4.34%, Rino Technology fell 3.86%, HLB dropped 2.19%, and ABL Bio decreased by 1.25%. However, Alteogen rose by 2.24%.
Analysts suggest that profit-taking pressures are increasing following the recent rapid rise. Han Ji-young, a researcher at Kiwoom Securities, explained, "The decline in U.S. semiconductor stocks due to the Seagate incident, rising U.S. 10-year bond yields, and caution ahead of Nvidia's earnings and the April Federal Open Market Committee (FOMC) minutes have all played a role."
She added, "However, the greater factor appears to be the unresolved overextension from the domestic market's surge earlier this year. The significant drops in sectors like robotics and ESS, which had previously seen substantial gains, indicate a weakening market sentiment towards growth stocks."
* This article has been translated by AI.
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