The KOSDAQ index fell below the 700th mark intraday on Wednesday. The KOSPI also narrowed its gains and at one point dipped below the 5700th line.
As of 9:57 a.m., the KOSDAQ stood at 706.70, up 2.31 points (0.33%) from the previous trading session. The KOSDAQ had fallen to 699.78 at 9:43 a.m., surrendering the 700th line on an intraday low basis for the first time in about three months since July 31. It subsequently turned positive as the scale of net selling by foreign investors decreased.
At the same time, the KOSPI recorded 5725.59, up 76.80 points (1.36%) from the previous trading session. The KOSPI had opened at 5786.13, up 137.34 points (2.43%), and rose by more than 3% intraday to briefly surpass the 5800th line.
However, as foreign investors who had been net buyers turned to 'selling,' the gain narrowed to the 1% range. At 9:43 a.m., it dropped to 5698.16, falling below the 5700th line.
The market is closely watching the results of the U.S. midterm elections.
Han Ji-young, a researcher at Kiwoom Securities, noted that "some expect the statistic that the S&P 500 has risen in every case over the year following the conclusion of midterm elections since 1950 to be repeated this time."
However, she said that "even if a short-term rebound emerges after the election, its continuity depends on whether anxieties over the AI (artificial intelligence) industry are alleviated and whether geopolitical risks are resolved."
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