The KOSPI, which had dropped nearly 8% the previous day, attempted a rebound in early trading. Major semiconductor stocks like Samsung Electronics and SK Hynix showed gains, but continued selling by foreign and institutional investors kept the index fluctuating around the 7600 mark.
According to the Korea Exchange, as of 9:10 a.m., the KOSPI was down 36.05 points (0.47%) at 7,612.04. The index had opened at 7,739.75, up 91.66 points (1.20%) from the previous trading day, but quickly surrendered its early gains and moved around the 7600 level.
Market sentiment was mixed. Individual investors purchased a net 541.8 billion won, while foreign and institutional investors sold a net 543.1 billion won and 34.8 billion won, respectively.
Large-cap stocks showed a mixed performance. Samsung Electronics rose 2.45%, SK Hynix increased by 0.96%, and Samsung Biologics gained 2.70%. Conversely, SK Square fell 1.11%, Samsung Electro-Mechanics dropped 1.40%, Hyundai Motor declined 2.07%, LG Energy Solution decreased by 0.56%, Samsung Life Insurance fell 1.08%, and Samsung C&T dropped 1.11%.
At the same time, the KOSDAQ index recorded a decline of 18.29 points (2.11%) to 848.43. It had opened at 875.18, up 8.46 points (0.98%), but turned downward shortly after the opening and continued to widen its losses.
In the KOSDAQ market, individual and institutional investors bought a net 53.1 billion won and 3.2 billion won, respectively, while foreign investors sold a net 61.3 billion won.
Most large-cap stocks in the KOSDAQ were also under pressure. Alteogen fell 2.56%, EcoPro BM dropped 5.98%, EcoPro declined 6.21%, JUSUNG Engineering fell 11.43%, Rainbow Robotics decreased 2.47%, and HLB dropped 0.32%. On the other hand, Kolon TissueGene rose 3.10%, Wonik IPS gained 0.23%, and LinoTech increased by 1.46%.
Overnight, U.S. markets saw continued weakness in technology stocks, particularly in the semiconductor sector. Micron fell 5.49%, while major semiconductor companies like NVIDIA (-1.39%), Broadcom (-2.41%), AMD (-4.26%), Intel (-5.25%), and Marvell Technology (-9.84%) all declined. As a result, the tech-heavy Nasdaq index closed down 0.80%.
Market analysts expect volatility to continue in early trading, but note that the significant drop the previous day has eased price pressures, potentially inviting bargain-hunting. Han Ji-young, a researcher at Kiwoom Securities, stated, "Today, the domestic market may experience temporary volatility centered around semiconductor stocks due to the continued weakness of the Philadelphia Semiconductor Index and the 1% decline in KOSPI 200 futures. However, the outlook for a recovery during the day is supported by a retreat in expectations for a September rate hike by the Federal Reserve and buying interest stemming from the perception of excessive losses following the 7% drop in the index yesterday."
* This article has been translated by AI.
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