KOSPI plunged more than 3% in early trading on the 14th, falling to the 6,700 level. Concerns over disruptions to crude oil supplies grew after operations were halted on Saudi Arabia's key east–west oil pipeline, while the U.S. 10-year Government Bonds yield neared 5%, pressuring the domestic stock market.
As foreigners and institutions sold simultaneously, large-cap semiconductor stocks such as Samsung Electronics(005930) and SK hynix(000660) weakened across the board, dragging the index lower.
The KOSPI index opened at 6,692.61, down 217.30 points (3.14%) from the previous trading day, and is showing a decline of around 3%. KOSDAQ also opened at 806.27, down 14.37 points (1.75%) from the previous trading day.
In the Korea Exchange main board, foreigners are net sellers of about 900 billion won in early trading, and institutions are net sellers of about 500 billion won. Among institutions, brokerages are selling about 300 billion won, and private equity funds are also net sellers of about 100 billion won. In contrast, individuals are net buyers of about 1.4 trillion won, absorbing the supply from foreigners and institutions.
On KOSDAQ as well, foreigners and institutions are net sellers of 14 billion won and 17 billion won, respectively. Individuals are net buyers of 33 billion won.
On the main board, weakness in large-cap semiconductor stocks stands out. SK hynix is down 5.19% at 1,718,000 won, and Samsung Electronics is down 3.47% at 250,500 won in transactions. Samsung Electro-Mechanics(009150) is also down 5.43%, and SK Square(402340) is likewise plunging 6.43%.
On the 11th (local time), New York stocks rebounded for the first time in five sessions. The Dow Jones Industrial Average closed up 0.98% at 52,573.29, and the S&P 500 and Nasdaq rose 0.86% and 0.96%, respectively. With international oil prices falling and the U.S. August consumer price index (CPI) matching market expectations, investor sentiment improved.
In particular, the U.S. August CPI rose 3.4% from a year earlier, matching market expectations. As a result, concerns about inflation and oil prices that had weighed on the market through the previous session eased somewhat, and dip-buying flowed into tech stocks.
However, the domestic market is failing to follow the rebound on Wall Street. Risk-off sentiment stemming from the rise in international oil prices and U.S. Government Bonds yields through the latter part of last week remains in the domestic market, and foreign selling is expanding again.
The U.S. 10-year Government Bonds yield climbed to 4.975% on the 11th, nearing 5%. Brent crude topped $100 per barrel due to escalating tensions between the United States and Iran and disruptions to crude shipments through the Strait of Hormuz. Recently, supply concerns intensified further as operations were halted on Saudi Arabia's key east–west oil pipeline following attacks by Houthi rebels.