Following a decline in the New York stock market, the KOSPI is expected to experience increased volatility on the 15th, with concerns that it may fall below the 6000 mark again.
On the previous day, the KOSPI closed down 26.54 points (0.44%) at 6008.81, marking its sixth consecutive day of decline. The index initially rose to 6190.65 (2.57%) but later reversed course, dropping to as low as 5944.65 (-1.50%).
This marks the first time in over two years that the KOSPI has experienced six consecutive days of decline, the last occurrence being from September 3 to September 11, 2024.
On October 14 (local time), the Dow Jones Industrial Average closed down 48.62 points (0.09%) at 51,621.48. The S&P 500 fell by 86.51 points (1.11%) to 7,718.94, while the tech-heavy Nasdaq Composite dropped 511.51 points (1.88%) to 26,692.87.
The decline in the stock market was driven by a higher-than-expected inflation rate in the U.S. According to the Labor Department, the Consumer Price Index (CPI) for September rose 3.7% compared to the same month last year, exceeding both the August increase of 3.4% and the market forecast of 3.6%.
Excluding volatile food and energy prices, the core CPI also rose 2.6% year-over-year and 0.3% month-over-month, both surpassing market expectations.
As of 8:50 a.m. on the same day, major KOSPI stocks were showing a downward trend in pre-market trading. Samsung Electronics and SK Hynix were down 6.5% and 7.7%, respectively.
Seo Sang-young, an executive at Mirae Asset Securities, stated, "The U.S. stock market opened lower after the September CPI was announced at a higher level than expected, raising concerns about potential interest rate hikes by the Federal Reserve. Although the increase in U.S. Treasury yields moderated as it was highlighted that this figure could be due to temporary factors, the negative announcement from Gartner led to an expanded decline in tech stocks, particularly in AI semiconductors."
Han Ji-young, a researcher at Kiwoom Securities, noted, "In the short term, the key issue will be whether the KOSPI, including semiconductors, can maintain its previous low amid challenging foreign investor conditions."
* This article has been translated by AI.
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