The KOSPI started higher and then turned lower. However, the decline is not steep, with the index fluctuating around flat in early trading. Investors appear to be on the sidelines ahead of this week's U.S. rate decision. The KOSDAQ is rising.
On the 8th, the KOSPI started trading at 4,109.25, up 9.20 points (0.22%). The index turned lower early in the session, but the drop is not large. As of 9:30 a.m., it is slightly lower below the 4,100 level. Both foreigners and institutions are net sellers.
On Friday, U.S. stocks closed higher across the board. Inflation data matched analysts' expectations, and tech stocks such as Micron and Alphabet were strong. However, with the Federal Open Market Committee (FOMC) of the Federal Reserve meeting this week to decide rates, the indexes showed no clear direction and the gains were limited.
In the domestic market, the mood favors waiting for the Fed's decision. In the Korea Exchange's main board, foreigners are net selling more than 200 billion won, while institutions also have a selling bias of nearly 100 billion won. Only individuals are net buying.
LG Energy Solution, Kia, and Hanwha Aerospace are rising, while the rest of the stocks are weak. In particular, Doosan Enerbility is falling sharply.
By contrast, the KOSDAQ is rising. The KOSDAQ started trading at 928.52, up 3.78 points (0.41%), and its early-session gains have widened, bringing it to the verge of the 930 level. In the KOSDAQ market, foreigners are net buyers.
Large-cap stocks by market capitalization on the KOSDAQ are showing strong gains. Alteogen, which plans to transfer its listing to the main board, is rising, and EcoPro BM and EcoPro are jumping.