Ahead of Samsung Electronics' earnings release, the KOSPI index, which opened higher, reversed lower intraday on the 6th and gave up the 8,000 level.
As of 11:27 a.m., the KOSPI index was down 150.14 (1.86%) from the previous trading day at 7,938.2. The index opened higher and even topped the 8,300 level, but it reversed lower on selling and is extending losses.
Foreign investors and institutions were net sellers of 550 billion won and 730 billion won, respectively, dragging the index lower. Foreign investors have been net sellers for 12 consecutive trading days. Individuals alone were net buyers of 1.2 trillion won, supporting the index.
Samsung Electronics and SK hynix turned lower and were trading at 300,000 won and 2.3 million won, respectively. Samsung Electro-Mechanics, LG Innotek and other glass substrate stocks were also weak.
With one day to go before Samsung Electronics' earnings release, investor sentiment remained mixed. The market said if Samsung Electronics' July 7 earnings show the impact of memory price hikes exceeds expectations, a rerating of semiconductor stocks could be possible.
At the same time, the KOSDAQ index was down 35.56 (4.09%) from the previous trading day at 832.85. While foreign investors were net sellers of 200 billion won and institutions 90 billion won, individuals alone were net buyers of 300 billion won.
Most of the top market-cap stocks, including Alteogen, turned "blue." Wonik IPS and Jusung Engineering fell 9% and 7%, respectively, posting steep declines.