After surging more than 17% on the previous trading day, the KOSPI fell more than 3% early on the 3rd, pausing around the 6,300 level. The move is seen as triggered by profit-taking following a short-term spike.
As of 9:04 a.m., the KOSPI was down 255.98 points (3.88%) at 6,339.47 from the previous trading day. The KOSPI opened at 6,358.27, down 3.60% (237.18 points) from the previous trading day.
In the main board, individuals were net buyers of 387.4 billion won. Foreigners and institutions were net sellers of 362.2 billion won and 32.1 billion won, respectively.
Among large-cap stocks on the main board, moves were mixed. Samsung Electronics and SK hynix(000660) were down about 6% and 7%, respectively, while SK Square, Samsung Electro-Mechanics, Hyundai Motor, and KB Financial Group were rising. LG Energy Solution, Samsung Biologics, and Samsung Life Insurance were falling.
At the same time, the KOSDAQ was down 4.99 points (0.69%) at 714.77 from the day before. The KOSDAQ opened at 709.99, down 1.36% (9.77 points).
In the KOSDAQ market, individuals were net buyers of 67.3 billion won, while foreigners and institutions were net sellers of 18.1 billion won and 49.5 billion won, respectively.
Large-cap KOSDAQ stocks were mostly lower. Alteogen, EcoPro, EcoPro BM, Jusung Engineering, LEENO Industrial, Wonik IPS, HLB, ABL Bio, and PSK were all declining, while Rainbow Robotics was the lone gainer.
Han Ji-young of Kiwoom Securities said, "Since the index jumped 17% in a single day on the 31st, temporary profit-taking could emerge early this week."
Meanwhile, the situation in the Middle East was changing by the hour. The United States and Israel planned airstrikes on Iran over the weekend, but U.S. President Donald Trump put them on hold on the 1st. Later on the 2nd (local time), Trump claimed, regarding the Strait of Hormuz, that "we reached an agreement."