South Korea's two major stock markets are trading lower. Investor sentiment appears to have weakened after Alphabet shares plunged overnight on Wall Street and major technology companies reported disappointing earnings.
As of 9:09 a.m. on the 30th, the KOSPI index stood at 5,712.19, down 225.47 points (3.80%) from the previous day. The KOSPI opened at 5,760.35, down 177.31 points (2.99%), and is widening its decline.
The KOSPI appears subdued, reflecting the situation in the U.S. New York Stock Market. Overnight, Alphabet, Google's parent company, fell by 12.64%. Alphabet's market capitalization evaporated by approximately $500 billion (669 trillion won) in a single day. Earnings released after the close by U.S. semiconductor company Intel and Amazon also fell short of expectations. Intel plunged by more than 20% in after-hours trading.
At this moment, retail investors are the only ones making net purchases on the KOSPI, buying stocks worth 76.7 billion won. Foreign investors and institutional investors are net selling stocks worth 3.4 billion won and 85.2 billion won, respectively.
By sector on the KOSPI, all sectors are weak except for Transportation and Warehousing, which is slightly up. Healthcare and Precision Equipment are down in the 5% range; Electrical and Electronics, Securities, and Manufacturing are down in the 4% range; and Machinery and Equipment, Construction, and Transportation Equipment and Parts are down in the 3% range, respectively.
Among top market capitalization stocks on the KOSPI, Samsung Electronics and SK hynix are falling by 3% and 7%, respectively. Samsung Electro-Mechanics, which is linked to these stocks through equity stakes and business operations, is down in the 7% range; SK Square is down in the 6% range; and Samsung C&T is down in the 4% range, respectively.
The KOSDAQ index stood at 730.92 at the same time, down 22.31 points (2.96%) from the previous trading day. The KOSDAQ opened at 737.76, down 15.47 points (2.05%), and is continuing its weakness.
Similarly on the KOSDAQ, retail investors are net buying stocks worth 55.1 billion won at this moment, while foreign investors and institutional investors are net selling stocks worth 23.5 billion won and 23.0 billion won, respectively.
By industry on the KOSDAQ, only Publishing and Media Reproduction is up in the 4% range, while all others are weak. Non-metals and Machinery and Equipment are down in the 5% range; Electrical and Electronics is down in the 4% range; and Healthcare and Precision Equipment, Manufacturing, Transportation Equipment and Parts, and Metals are down in the 3% range, respectively.
All top market capitalization stocks on the KOSDAQ up to the 27th rank are showing weakness (indicated by blue). Simmtech and Rino Industrial are falling in the 8% range; IO Technology and Wonik IPS are down in the 6% range; and HPSP and Rainbow Robotics are down in the 5% range, respectively.
The won/dollar exchange rate stood at 1,337.9 won as of 9:00 a.m. on the day.
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