[Asia Economy Reporter Myunghwan Lee] On the 17th, the KOSPI opened lower influenced by the previous day’s decline in the U.S. stock market. Semiconductor stocks showed a significant drop early in the session after U.S. company Micron announced a semiconductor production cut.
As of 10:10 a.m., the KOSPI stood at 2466.44, down 0.44% (11.01 points) from the previous trading day. The KOSPI opened at 2466.50, down 0.44% (10.95 points) from the previous day, and the downward trend continued.
There is strong selling pressure mainly from foreign investors in the KOSPI. Foreigners have sold stocks worth 99.1 billion KRW. In contrast, institutional investors and individuals are net buyers, purchasing 73.1 billion KRW and 28.1 billion KRW respectively.
The Philadelphia Semiconductor Index fell more than 4% the previous day, leading to a significant decline in semiconductor stocks. SK Hynix is trading at 87,400 KRW, down 4.48% (4,100 KRW) from the previous day, and Samsung Electronics is down 1.28% (800 KRW) at 61,900 KRW. Samsung Electronics’ preferred shares are also down 1.55%. Other stocks such as Naver (NAVER) (-1.06%), Samsung SDI (-0.69%), and Kia (-0.44%) are also declining. On the other hand, Samsung Biologics (0.34%) and LG Chem (0.14%) are showing slight gains.
At the same time, the KOSDAQ index is at 739.77, down 0.45% (3.33 points) from the previous trading day. The KOSDAQ opened at 740.62, down 0.33% (2.48 points) from the previous day.
In the KOSDAQ market, foreign investors are also selling. Foreign investors are net sellers of 21.7 billion KRW, and institutions are also selling stocks worth 23.9 billion KRW. Individuals are the sole buyers, purchasing 49 billion KRW.
In the KOSDAQ market, Kakao Games is trading at 45,400 KRW, up 1.34% (600 KRW) from the previous day, showing strong gains. EcoPro (0.46%) and Pearl Abyss (0.45%) are also slightly up. Conversely, secondary battery-related stocks such as Cheonbo are trading at 256,300 KRW, down 1.57% (4,100 KRW) from the previous day, along with L&F (-1.12%) and EcoPro BM (-0.98%) showing declines.
The domestic stock market is expected to show sector-specific trends today. Sangyoung Seo, Head of Media Content at Mirae Asset Securities, said, “The U.S. stock market’s weakness centered on individual sectors such as semiconductors will negatively affect the domestic market. Especially, the economic slowdown issue, which is most burdensome to export-dependent Korea, and the negative outlook on the semiconductor industry triggered by U.S. Micron are factors that dampen overall investor sentiment.”
Meanwhile, due to the 2023 College Scholastic Ability Test (CSAT) being held today, the opening of the KOSPI, KOSDAQ, and KONEX markets was delayed by one hour. The regular trading hours for the domestic stock market today are from 10:00 a.m. to 4:30 p.m.
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