KOSPI falls for 6th session, barely holds above 6,000
Summary
The KOSPI closed lower in Seoul Wednesday for a sixth consecutive session, barely holding above 6,000 after erasing an intraday rebound of more than 2 percent. The index fell 0.44 percent to 6,008.81, while the Kosdaq dropped 1.57 percent to 823.88. Persistent foreign selling weighed on sentiment, with geopolitical risks, OpenAI revenue concerns and Chinese chip competition cited as dampening factors.
Key Facts
- The KOSPI opened at 6,062.08 and reached an intraday high of 6,190.65 before turning lower.
- Foreign investors remained net sellers for a seventh consecutive session.
- Samsung Electronics gained 0.65 percent, while SK hynix declined 1.66 percent.
- The won strengthened 6.8 won against the dollar to close daytime trading at 1,338.3 won per dollar.
- Hyundai Motor Securities said foreign buying could gradually return around late-October earnings announcements, the U.S. midterm elections in early November and Anthropic’s listing in mid-November.
An electronic board displays the KOSPI at Hana Bank’s dealing room in Seoul, Wednesday. The index closed at 6,008.81, down 0.44 percent from the previous session. Yonhap
The KOSPI erased an intraday rebound of more than 2 percent Wednesday to close lower for a sixth consecutive session, barely holding above 6,000 after plunging more than 5 percent the previous day.
The secondary Kosdaq also fell 1.57 percent, reflecting weak investor sentiment across the domestic stock market.
The KOSPI closed at 6,008.81, down 26.54 points, or 0.44 percent. It opened 26.73 points, or 0.44 percent, higher at 6,062.08 and climbed as much as 2.57 percent to 6,190.65 before losing momentum and turning lower.
Foreign investors remained net sellers for a seventh consecutive session.
Among the two semiconductor heavyweights, Samsung Electronics rose 0.65 percent, while SK hynix fell 1.66 percent.
The Kosdaq closed at 823.88, down 13.15 points, or 1.57 percent. It opened 1.13 points, or 0.14 percent, lower at 835.90 and fluctuated between gains and losses during the session.
Overnight, Wall Street’s three main indexes ended lower, with the Dow Jones Industrial Average losing 0.35 percent, the S&P 500 slipping 0.02 percent and the Nasdaq Composite shedding 0.15 percent.
Some chip stocks also came under pressure following the previous day’s losses in Korea and other Asian markets.
Hyundai Motor Securities said persistent selling by foreign investors was a major drag on Korean equities, urging investors to look for catalysts that could draw foreign funds back into the market.
“With the KOSPI down to the 6,000 level, it is time to consider what might bring foreign investors back rather than look for reasons for their net selling,” said Kim Jae-seung, an analyst at the brokerage.
He cited geopolitical risks in the Middle East, questions over OpenAI’s revenue and concerns about Chinese memory chipmaker CXMT’s technological advances as factors dampening investor sentiment.
“Foreign buying could gradually return as the market works through earnings announcements in late October, the U.S. midterm elections in early November and Anthropic’s listing in mid-November,” he said.
Meanwhile, the won strengthened by 6.8 won against the dollar, ending daytime trading in the Seoul foreign exchange market at 1,338.3 won per dollar.
Explore More
- Q.
- Q.
- Q.