On the 7th, the KOSPI, which opened higher, turned lower intraday and fell below the 6,200 level. The KOSDAQ also failed to extend its early gains and turned weaker.
As of 10:53 a.m., the KOSPI is trading at 6,191.93, down 104.45 points (1.66%) from the previous session. The KOSPI opened up more than 1% and reclaimed the 6,400 level early in the session, but turned lower about an hour later and gave back all its gains.
Despite overnight weakness in U.S. stocks, the KOSPI rose early in the session, but it is seen turning lower as geopolitical uncertainty around the Middle East widened again. Investor sentiment cooled after reports that Iran could restrict the passage of U.S. and Israeli ships through the Strait of Hormuz were followed by news that Yemen's Houthi rebels attacked southern Saudi Arabia.
Individuals and foreigners are selling together. Individuals are net selling 159 billion won, and foreigners 118 billion won. Foreigners started as net buyers early on, but as time passed, their buying shrank and soon flipped to net selling. Institutions alone are net buying close to 300 billion won.
SK hynix is leading the declines. SK hynix(000660) is falling 74,000 won (4.95%) from the previous session. Samsung Electronics is also slightly weaker. In contrast, Samsung Electro-Mechanics(009150) and KB Financial Group are up more than 1%, showing a stock-by-stock divergence.
POSCO FUTURE M, which was reported to have agreed to sign a large long-term supply contract for lithium iron phosphate (LFP) cathode materials with a domestic secondary battery manufacturer, is up 2.78%. In contrast, Lotte Shopping(023530), which released results that fell short of market expectations for the second quarter, is down 15.28%.
The KOSDAQ also failed to extend its early strength and turned lower. The KOSDAQ index is trading at 778.26, down 23.41 points (2.92%) from the previous session.
In the KOSDAQ market, individuals are net buying 243 billion won, but foreigners and institutions are net selling 161 billion won and 88 billion won, respectively, dragging the index lower.
Most top market-cap stocks are also weak. No. 1 by market cap, Alteogen(196170), is down nearly 2%, and Rainbow Robotics (-7.35%) and Jusung Engineering (-4.72%) are also falling together.