The KOSPI index opened lower on June 17, influenced by a sharp decline in U.S. semiconductor stocks and cautious sentiment ahead of the Federal Open Market Committee (FOMC) meeting. Profit-taking from recently surging semiconductor stocks has led to weakness in the index, which is fluctuating around the 8,600 mark early in the session.
According to the Korea Exchange, as of 9:05 a.m., the KOSPI was trading at 8,645.33, down 81.27 points (-0.93%) from the previous trading day. The index started at 8,622.13, down 104.47 points (-1.20%), and has been hovering around the 8,600 level.
In the securities market, individual investors have been net buyers, purchasing 242.8 billion won to support the index. In contrast, foreign and institutional investors sold 231.6 billion won and 18.7 billion won, respectively, indicating profit-taking activity.
Among the top market capitalization stocks, semiconductor-related companies that recently surged are seeing sell-offs. Samsung Electronics fell 2.33%, Samsung Electro-Mechanics dropped 1.46%, Hyundai Motor decreased by 2.81%, LG Energy Solution declined 0.49%, and Samsung C&T was down 2.92%. Conversely, SK Hynix rose 0.17%, SK Square increased by 5.93%, and Samsung Life gained 1.51%.
The KOSDAQ index showed relatively stable performance. At the same time, the KOSDAQ was up 0.47 points (0.05%) at 1,019.15, starting at 1,019.88, up 1.20 points (0.12%).
In the KOSDAQ market, individual investors net bought 35.2 billion won, while foreign and institutional investors sold 29.1 billion won and 6.2 billion won, respectively.
The performance of top market capitalization stocks was mixed. Alteogen was up 0.14%, EcoPro BM rose 0.45%, EcoPro increased by 0.24%, JUSUNG Engineering surged 5.85%, Wonik IPS jumped 12.43%, and Rino Technology gained 0.74%. However, Rainbow Robotics fell 0.16%, Kolon TissueGene dropped 2.19%, and HLB declined 2.69%.
Overnight, U.S. markets closed mixed. The Dow Jones Industrial Average rose 0.64%, reaching a record high, while the S&P 500 and Nasdaq Composite fell by 0.57% and 1.15%, respectively.
Particularly, semiconductor stocks, which had been on a strong upward trend, experienced a broad correction. Memory chip manufacturer Micron fell 6.22%, along with SanDisk at -5.52%, Intel at -8.45%, Marvell at -9.92%, and AMD at -7.30%. Consequently, the Philadelphia Semiconductor Index plummeted by 5.71%. The Russell 2000 and Dow Transportation indices also closed down by 0.87% and 0.70%, respectively.
However, the decline in international oil prices is seen as a favorable factor for the domestic market. Analysts believe that while short-term pressure on semiconductor stocks is inevitable, the impact will be limited due to stabilizing oil prices and a decrease in the won-dollar exchange rate.
Han Ji-young, a researcher at Kiwoom Securities, stated, "Today, the domestic market is expected to open lower due to the sharp drop in West Texas Intermediate (WTI) prices and the decline in the dollar/won exchange rate, along with cautious sentiment ahead of the June FOMC meeting and the adjustment in U.S. semiconductor stocks. We may see profit-taking from semiconductor stocks that surged in the previous session early in the day."
She added, "Considering the overall market environment is above neutral, we expect a rotation into other sectors during the day, which may help limit the declines."
* This article has been translated by AI.
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