KOSPI closed trading below the 6,800 line for the first time in four trading days. Foreign investors and institutional investors sold off more than 4 trillion won in net sales, which was insufficient to defend the 7,000 line with only retail investor net purchases. Leading KOSPI stocks and major semiconductor companies Samsung Electronics and SK Hynix fell by more than 5%.
On the 28th, KOSPI closed at 6,889.74, down 191.18 points (2.70%) from the previous trading day. On this day, KOSPI started above the 7,000 line but failed to hold it during trading and fell as low as the 6,800 line.
Lee Kyung-min, FICC Deputy Head at Daishin Securities, said, "KOSPI turned bearish while digesting major events during the Chuseok holiday," adding, "Although signals appeared in the U.S.-China summit and U.S.-Iran relations, the sharp rise in U.S. Treasury yields limited risk appetite sentiment, offsetting positive factors." Particularly regarding semiconductors, he added that "the burden of sharply rising U.S. Treasury yields expanded, and news of Oracle's data center project delays further contracted investor sentiment." Currently, yields on 2-year, 10-year, and 30-year U.S. Treasury bonds have risen to levels of 4.91%, 5.21%, and 5.52%, respectively.
On this day, in the KOSPI market (based on Korea Exchange), foreign investors and institutional investors sold off 3 trillion 240.3 billion won and 1 trillion 174 billion won, respectively. Retail investors purchased 2 trillion 605.3 billion won. Among institutional investors, other corporations made net purchases of 1 trillion 638.3 billion won. This is also interpreted as being influenced by Samsung Electronics and SK Hynix launching share buybacks on this day.
Among KOSPI sectors, electrical and electronics fell by over 4%. Manufacturing dropped by more than 3%, and retail trade fell by over 2%. Securities declined by around 1%. Finance and machinery & equipment closed roughly flat, while non-ferrous metals, transportation equipment & parts, and general services closed slightly higher. Non-ferrous metals, electricity & gas, IT (information and communications) services, pharmaceuticals, transportation & warehousing, and insurance rose by over 1%. Entertainment & culture rose by around 2%, while construction and chemicals rose by around 3%.
Among the top market capitalization stocks in KOSPI, Samsung Electronics and SK Hynix closed with weakness of around 5%. SK Square and Samsung C&T, which are linked through equity and business relationships with them, plummeted by more than 7% and more than 5%, respectively. Samsung Electro-Mechanics traded roughly flat, while Hyundai Motor, KB Financial Group, and Samsung Life Insurance closed slightly higher. Samsung Biologics rose by over 2%, and LG Energy Solution rose by over 3%.
KOSDAQ closed trading at 846.58, up 2.10 points (0.25%) from the previous trading day.
In the KOSDAQ market, retail investors and foreign investors made net purchases of 21.1 billion won and 45.7 billion won, respectively. Institutional investors made a net sale of 74.1 billion won. Retail investors and foreign investors showed net selling trends during trading on this day but closed with net purchases.
Among KOSDAQ sectors, pharmaceuticals rose by around 2%. Medical & precision instruments, IT services, and finance rose by over 1%. General services, entertainment & culture, chemicals, electrical & electronics, and manufacturing traded roughly flat. Construction, transportation equipment & parts, and metals remained slightly lower. Non-ferrous metals, machinery & equipment, and retail trade fell by over 1%.
Among the top market capitalization stocks in KOSDAQ, HLB rose 29.95% to close at its upper limit price. On this day, news that HLB's bile duct cancer treatment drug received approval from the U.S. FDA (Food and Drug Administration) caused HLB Group stocks to hit their upper limit prices one after another. AlteoGen rose by over 1%. EcoPro and EcoPro BM rose by more than 2% and more than 6%, respectively. Semiconductor materials, components, and equipment (MCE) stocks generally closed lower. Wonik IPS and Rino Industrial fell by more than 7% and more than 4%, respectively.
On this day, in Seoul's foreign exchange market, the won/dollar exchange rate closed weekly trading at 1,365.1 won, up 7.6 won from the previous trading day's closing price.
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