On the 28th, the KOSPI index plunged more than 5% right after the open and sank below the 6,400 level. A sell-sidecar was triggered as soon as trading began, and the KOSDAQ index is also showing a decline in the 3% range.
As of 9:04 a.m. that day, the KOSPI index was trading at 6,390.68, down 5.40% (365.07 points) from the previous trading day. The KOSPI opened at 6,400.27, down 355.48 points (5.26%) from the day before.
In the KOSPI market, individuals are net buyers of 434.8 billion won, while foreigners and institutions are net sellers of 369.8 billion won and 62.7 billion won, respectively.
Nine of the top 10 stocks by market cap on the KOSPI market are falling. Samsung Electronics(005930) and SK hynix(000660) are posting declines in the 6% and 8% ranges, respectively. SK Square, Samsung Electro-Mechanics, Hyundai Motor, LG Energy Solution, KB Financial Group, and Samsung Life Insurance are falling, while only Samsung Biologics is rising.
At the same time, the KOSDAQ index was at 738.15, down 26.71 points (3.49%) from the previous day. The KOSDAQ index started the session at 742.13, down 2.97% (22.73 points) from the day before.
In the KOSDAQ market, individuals are buying 11.6 billion won, while foreigners and institutions are net sellers of 2.2 billion won and 9.0 billion won.
Top KOSDAQ market cap stocks are mostly lower. With Alteogen(196170) the only gainer, EcoPro, EcoPro BM, Rainbow Robotics, Jusung Engineering, LEENO Industrial, Wonik IPS, HLB, ABL Bio, and PharmaResearch are falling.
Overnight, the three major U.S. stock indexes in New York ended mixed. The fallout came as heavy selling hit artificial intelligence (AI) and semiconductor-related stocks.
On the New York stock market that day, the Dow Jones Industrial Average rose 262.83 points (0.51%) to 52,210.08, the Standard & Poor's (S&P) 500 index rose 1.20 points (0.02%) to 7,413.18, and the Nasdaq composite fell 43.74 points (0.18%) to 24,932.08.
China's No. 1 DRAM maker, CXMT, successfully listed on the stock market the day before, stoking fears that the existing oligopoly in memory chips could be shaken and dragging down semiconductor stocks.
The Philadelphia Semiconductor Index fell 2.23% that day, and Nvidia plunged 4.99%. Shares of other major chip corporations, including Micron, SanDisk, and AMD, also fell. SK hynix American depositary receipts (ADR) dropped more than 7%, falling below the offering price.