As the global stock markets heighten their caution ahead of the U.S. 'Jackson Hole meeting,' the domestic stock market is also experiencing significant fluctuations. The major sectors noted as leading stocks, including shipbuilding, defense, and nuclear power, have turned weak due to adverse developments.
The KOSPI index showed 3092.31 at 9:17 a.m. on the 20th, down 59.25 points (1.88%) from the previous trading day. This marks the first time the KOSPI index has fallen below the 3100 mark since the 8th of last month. At the same time, the KOSDAQ index recorded a drop of 17.6 points (2.23%) to 770.36.
In the KOSPI market, individuals are showing a 'sell' trend worth 230 billion won. Foreign and institutional investors are purchasing a net 80 billion won and 150 billion won, respectively. In the KOSDAQ market, individuals and foreigners are showing a buying trend of 40 billion won and 16 billion won, respectively, while institutions are selling a net 35 billion won.
In the main stock market, all of the top 10 stocks by market capitalization are seeing declining prices. Hanwha Aerospace, which had a larger decline the previous day and showed an early morning stabilization, has also turned to a downward trend. Companies such as Samsung Electronics, SK hynix, LG Energy Solution, Samsung Biologics, KB Financial, and Hanwha Aerospace are all weak.
In the KOSDAQ market, 8 out of the top 10 stocks by market capitalization are also experiencing a downward trend. Excluding Peptron and Sam Chun Dang Pharm, the leading stocks in the KOSDAQ, such as Alteogen, Ecopro, PharmaResearch, and LigaChem Biosciences, are all trading at lower prices compared to the previous day.
Overnight, U.S. stock markets closed mixed amid a decline in technology stocks. The Dow Jones Industrial Average closed up 0.02% at 44,922.27 compared to the previous trading day. The Standard & Poor's (S&P) 500 index fell 0.59% to 6,411.37, while the Nasdaq Composite index dropped 1.46% to 21,314.95.
Concerns surrounding a bubble in the artificial intelligence (AI) industry led to a sell-off in technology stocks. Sam Altman, CEO of OpenAI, noted at a press conference that there may be a bubble in the AI industry, and China's moves to restrict the use of foreign semiconductor chips exacerbated investor anxiety.
On the night of the 22nd, Korean time, Jerome Powell, Chair of the U.S. Federal Reserve, is set to make a presentation at the Jackson Hole meeting, heightening caution regarding currency policy.
Additionally, sectors that had driven strength in the domestic stock market have weakened due to adverse issues such as expanded tariffs on products, disputes over unfair contracts, and uncertainties regarding cooperation with the United States.
Han Ji-young, a researcher at Kiwoom Securities, said, 'The domestic market faces burden factors from the weakness of U.S. AI stocks,' and added that 'macroeconomic uncertainties are expected to remain at a high level this week, which could frequently expand intraday volatility.'
On this day in the Seoul foreign exchange market, the won-dollar exchange rate is shown to be 1.2 won (0.09%) higher at 1,394.40 won.