On the 26th, the KOSPI opened down around 2% as tech stocks weakened in the U.S. overnight and profit-taking emerged after the previous day's sharp rally. During the session, some said the index would likely remain constrained as volatility in flows widens.
On the day, the KOSPI opened at 8,813.18, down 117.12 points (1.31%) from the previous trading day. As of 9:10 a.m., it was down nearly 2% around the 8,750 level.
By investor type, foreigners and institutions are net sellers together. In the main board, foreigners are net selling 630 billion won and institutions 33 billion won, while individuals are net buying 670 billion won.
The "semiconductor twin leaders" are also weak early in the session. Both Samsung Electronics and SK hynix are down around 2%. SK Square is down 6%, while Samsung Electro-Mechanics is up 7%.
New York stocks saw tech shares weaken as concerns about expense burdens from higher memory prices grew despite Micron's strong results. Apple, which released price hikes for MacBooks and iPads citing rising memory prices, plunged more than 6%, denting investor sentiment. Micron, by contrast, surged about 16% on its strong earnings.
The Dow Jones Industrial Average rose 72.03 points (0.14%) from the previous session to close at 51,920.62, setting an intraday record high. By contrast, the Standard & Poor's (S&P) 500 fell 8.88 points (0.12%) to 7,349.34, and the tech-heavy Nasdaq dropped 118.03 points (0.46%) to finish at 25,358.60.
The U.S. May personal consumption expenditures (PCE) price index, released overnight, also weighed on the market. While the index matched market expectations, it rose 4.1% from a year earlier, the highest rate since April 2023, confirming that inflationary pressure persists.
Han Ji-young, a Kiwoom Securities researcher, said, "The market is likely to show early declines as the mixed U.S. stock performance and short-term profit-taking after the previous day's surge intersect," adding, "During the session, flows could become more volatile as leadership concentration and bargain hunting in laggards mix, leading to a limited index trend."
The continued tilt toward semiconductors is also cited as a factor capping the index's upside. The KOSPI rebounded 8.9% over the 24th–25th, recouping most of the 9.99% plunge on the 23rd. However, excluding semiconductors (14.2%) and energy (10.8%), gains in most sectors lagged the KOSPI's return over the same period.
Han said, "Given that SK, the top holding company of SK hynix, is included in the energy sector, the recent rebound can effectively be seen as a semiconductor-led market."
Meanwhile, the KOSDAQ index opened at 884.43, down 3.38 points (0.38%) from the previous trading day.
Among top market-cap stocks, Wonik IPS and EO Technics are rising, but most names, including Alteogen, EcoPro BM, and Rainbow Robotics, are weak.
The KOSDAQ finished trading the day before at 887.81, marking the lowest closing level of the year.