After opening lower on the 23rd, the KOSPI rose to the 3,900 mark intraday for the first time, but soon turned weak again. With external uncertainty high, many investors appear to be taking profits.
At 1:47 p.m. that day, the KOSPI stood at 3,834.73, down 48.95 points (1.26%) from the previous day. The KOSPI climbed to as high as 3,902.21 intraday, setting a new all-time high. However, the upward trend lasted only about 30 minutes, and losses resumed in the afternoon.
In the KOSPI market, foreigners and institutions showed net selling of 504.1 billion won and 106.5 billion won, respectively, dragging down the index. Only individuals were net buyers, at 563.9 billion won.
Most of the top stocks by market capitalization on the KOSPI market were weak. Shares of Samsung Electronics, SK hynix, LG Energy Solution, Samsung Biologics and others traded at lower prices than the previous day. Hanwha Aerospace was up in the 3% range.
The KOSDAQ index was no different. After opening lower at 874.13 that day, the KOSDAQ index topped the 880 level for the first time since Apr. last year. But as of now, it retreated to 868.81, down 10.34 points (1.18%) from the previous day.
In the KOSDAQ market as well, only individuals moved to "buy," at 163.3 billion won. Foreigners and institutions showed net selling of 132 billion won and 700 million won, respectively.
Alteogen, the KOSDAQ market's "bellwether," as well as ECOPRO BM, Ecopro, Rainbow Robotics and Peptron were weak. PharmaResearch was slightly firm.
External uncertainty is high. The United States announced large-scale sanctions on Russian oil corporations. It was the first since the launch of the second Donald Trump administration.
A summit between President Trump and China's President Xi Jinping has been signaled, but the tug-of-war between the two countries continues. In response to China's restrictions on rare earth exports, the United States was also mentioned as possibly controlling exports of software and other items.
Amid the weak Japanese yen, the won-dollar exchange rate also topped the 1,440-won level for the first time in six months. The lack of a conclusion in talks between Korea and the United States over a $350 billion investment fund for the U.S. is also fueling the rise in the exchange rate.
There is a view that a volatile market will continue for the time being. In particular, as earnings season for the third quarter (July–September) has begun, individual stock prices could move according to results.
Lee Jae-won, a researcher at Shinhan Investment & Securities, said, "In the end, the key is earnings," and noted, "The top sectors by change in the latest 12-month forward earnings per share (EPS) are hotels and leisure, shipbuilding, semiconductors and healthcare."