The KOSPI gave up its intraday gains and returned to the 3,840 level, weighed by foreigners turning to net selling during the session.
On the 25th, the KOSPI opened with a sharp rally and briefly topped the 3,940 level, but its gains have been narrowing as time passes. It even briefly turned lower in the afternoon. However, as retail money flowed in, the KOSPI was slightly higher at the 3,840 level as of 1:40 p.m.
Foreigners, who showed net buying early in the session, turned to net selling intraday. Institutions are on the sidelines, and individuals are net buyers, but it is not enough to lift the index. Large-cap stocks that surged early have also pared gains.
U.S. stocks rose overnight on growing expectations for U.S. rate cuts and increased confidence in artificial intelligence (AI) technology, but investor sentiment for the domestic market does not appear to have recovered.
While gains in major chip stocks such as Samsung Electronics and SK hynix have narrowed, Samsung Biologics, which resumed trading one month after a spin-off, is plunging more than 10%.
The KOSDAQ turned lower. Foreigners are net buyers, but top-cap stocks in sectors such as biotech and secondary batteries are mostly declining. The KOSDAQ is slightly down in the afternoon, trading around the 850 level.