The KOSPI index, which broke through 5,900 points intraday for the first time ever, trimmed its gains. With foreigners and the national pension fund net selling together, it is waging a "high-ground battle" near the 5,900 level.
As of 2 p.m. on the 23rd, the KOSPI index was moving around 5,840–5,850 points, up about 0.5%. The KOSPI started above the 5,900 level and at one point climbed more than 2%, but the index's gains narrowed as profit-taking emerged during the session.
Foreign investors and the national pension fund are net selling in both the cash and futures markets, but retail funds continue to flow in. As of 2 p.m., individuals alone are net buying more than 1.2 trillion won on the main bourse.
Kang Jin-hyuk, an analyst at Shinhan Investment & Securities, said, "With the U.S. Supreme Court ruling mutual tariffs unlawful, the market took it positively as a signal that uncertainty had eased," but noted, "That said, with U.S. index futures turning weaker and bitcoin prices falling, the retreat in risk appetite is acting to cap the index's upside."
Samsung Electronics and SK hynix, which surged sharply early in the session, pared gains, and sectors that rose early, such as financials and defense, also turned lower.
The KOSDAQ index turned lower. As of 2 p.m., the KOSDAQ index was slightly weaker, moving near 1,150 points.