The KOSPI, which opened lower on the 1st, rebounded intraday and turned higher to the 6,840 level. Net buying by individuals and other corporations is going head-to-head with net selling by foreigners and institutions.
As of 10:19 a.m., the KOSPI was up 22.74 points, or 0.33%, from the previous transaction day at 6,842.76.
The index opened at 6,784.29, down 35.73 points, or 0.52%, on the back of the previous day's decline on Wall Street and was weak early in the session. It then sharply attracted bargain hunting, successfully reversed higher, and is slightly extending its gains.
In the main board, individuals and other corporations are net buying 528.6 billion won and 384.8 billion won, respectively, firmly supporting the lower end of the index. In contrast, institutions and foreigners are net selling 636.7 billion won and 234.8 billion won, respectively, capping the upside.
Large-cap stocks by market capitalization on the main board are mixed. Big tech stocks that were collectively weaker early in the session have trimmed losses or rebounded.
SK hynix(000660) was up 1.31% from the previous day at 1,696,000 won, and LG Energy Solution(373220) also turned higher by 1.32%. SK Square (0.29%) and Samsung C&T (0.66%), among others, are fluctuating in slightly firm territory.
By contrast, the bellwether Samsung Electronics(005930) turned lower, down 0.29% at 2,592,500 won, and Samsung Biologics(207940) (-1.12%), KB Financial Group (-1.38%), and Hanwha Aerospace (-3.18%) are declining.
The securities industry said the surge in international oil prices due to escalating U.S.-Iran military clashes and monetary policy uncertainty cooled sentiment right after the open, but bargain hunting flowed in as price attractiveness stood out following the recent index correction.
After mutual airstrikes between U.S. forces and Iran the previous day, West Texas Intermediate (WTI) jumped 2.83% to settle at $85.76 a barrel. Federal Reserve Chair Kevin Warsh delivered hawkish (currency tightening-preferred) remarks at the Jackson Hole symposium, and New York stocks fell across the board.
As calls for a rate hike at the September Federal Open Market Committee (FOMC) gained traction, the Dow Jones Industrial Average closed at 53,185.90, down 0.70% from the previous session. The Standard & Poor's (S&P) 500 and the Nasdaq also fell 0.33% and 0.12%, respectively.
As of 10:19 a.m., the KOSDAQ was down 10.94 points, or 1.31%, from the previous session at 823.35 on simultaneous net selling by foreigners and institutions. On KOSDAQ, foreigners and institutions are net selling 142.1 billion won and 106.1 billion won, respectively, while individuals are net buying 257.3 billion won.