On the 12th, the KOSPI turned lower intraday and is plunging. The index opened higher and even came close to 8,000 points early in the session, but it reversed as foreign investors dumped large amounts to take profits.
As of 10:40 a.m., the KOSPI is down more than 4%, moving near the 7,450 level. The index opened higher and topped 7,999 points early in the session, raising expectations for the first-ever 8,000-point milestone. But at the 8,000-point threshold, profit-taking emerged and the market mood shifted. After turning lower, the index's losses are widening.
In the main board, foreigners are net selling more than 2.5 trillion won. Institutions and individuals are net buying, but they are not supporting the index. Program trading is also showing net selling of more than 1 trillion won.
Samsung Electronics and SK Square, which had been rising early in the session, turned lower, and SK hynix's gains narrowed sharply. Securities stocks that had been strong during the market's rally are also falling steeply. Kiwoom Securities is down more than 10%, and large securities names such as Mirae Asset Securities, Korea Investment Holdings, and Samsung Securities are down more than 5%.
Secondary battery shares are also weak. LG Energy Solution and Samsung SDI are falling.
U.S. stocks rose the previous day, and Korea's market also opened higher, but the index slumped sharply as profit-taking emerged around the milestone 8,000-point level. With the index setting a record high day after day, a surge of retail funds appears to be amplifying the index's swings.