On the 20th, the Korea Composite Stock Price Index (KOSPI) is struggling to rebound as the effects of the Federal Open Market Committee (FOMC) results linger in the New York Stock Exchange overnight, showing weakness in tandem. The KOSDAQ index is also moving within a flat range.
As of 9:08 a.m. on this day, the KOSPI index recorded 2413.24, down 22.69 points (0.93%) from the previous day. The KOSPI index started the day down 0.26% at 2429.63.
In the securities market, foreigners and institutions are net selling 131.2 billion won and 81.2 billion won, respectively. Only individuals purchased 208.8 billion won worth.
Among the top market capitalization stocks, all are falling except for Naver (NAVER·0.72%) and LG Energy Solution (0.67%). Samsung Biologics dropped more than 3%, while Samsung Electronics preferred shares (-2.03%), KB Financial (-1.38%), SK Hynix (-1.31%), Hyundai Motor (-0.94%), Samsung Electronics (-0.75%), and Celltrion (-0.31%) are all on a downward trend.
At the same time, the KOSDAQ index is trading at 680.12, down 4.24 points (0.62%) from the previous day. The KOSDAQ index started trading that day at 684.79, up 0.06%. In the KOSDAQ market, foreigners and institutions are selling off 36.1 billion won and 30.6 billion won, respectively. Individuals net purchased 67.5 billion won.
The top stocks by market capitalization in the KOSDAQ are also weak. Shinsung Delta Tech (-2.49%), HLB (-1.28%), Ligand Pharmaceuticals (-1.14%), Rino Industrial (-0.79%), Alteogen (-0.35%), Clarisys (-0.31%), and Ecopro (-0.30%) are all declining. In contrast, Samchundang Pharmaceutical (2.98%), Hugel (0.54%), and Ecopro BM (0.25%) are rising.
In the Seoul foreign exchange market that day, the won-dollar exchange rate started trading at 1450 won, down 1.9 won from the previous day.
Overnight, U.S. stocks continued to maintain a flat trend, unable to rebound due to the hawkish results of the Federal Open Market Committee (FOMC) announced the day before.
On the 19th (local time) in the New York Stock Exchange, the Dow Jones Industrial Average finished at 42,342.24, up 0.04% from the previous trading day. The Standard and Poor's 500 Index closed at 5,867.08, down 0.09% from the previous trading day, and the Nasdaq index recorded 19,372.77, down 0.10%.
The day before, the Federal Reserve (Fed) reduced the forecast for interest rate cuts next year from initially four to two, raising uncertainty about monetary policy. Some argue that the Fed might shift from a prolonged freeze in interest rates to a hike.
Excluding major tech stocks like Nvidia (1.35%), Marvell Technology (3.64%), MayaCom Technology (3.39%), and Cobo (0.44%), all other stocks that make up the Philadelphia Semiconductor Index declined that day.