On the 12th, the KOSPI turned lower intraday and is plunging. The index opened higher and even approached 8,000 points early in the session, but it reversed into losses as foreign investors dumped large volumes 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 it could hit 8,000 for the first time. But at the 8,000-point threshold, profit-taking emerged and the market mood shifted. After turning lower, the index's decline has been widening.
In the main board, foreign investors 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 were rising early in the session, have turned lower, and SK hynix's gains have narrowed sharply. Securities stocks that had been strong in the market's rally are also dropping 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 at the landmark 8,000-point area, profit-taking emerged and the index slumped sharply. With the index setting a record high day after day, heavy inflows of retail money appear to be widening the index's swings.