KOSPI Mixed in Early Trading... "Waiting Ahead of Powell Hearing"

The KOSPI is showing mixed trends in the early session. The US Nasdaq index ended the session lower due to rising government bond yields, leading to a contraction in investor sentiment toward risk assets.

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As of 9:20 a.m. on the 7th, the KOSPI stood at 2,462.35, down 0.01% (0.27 points) from the previous trading day. The KOSPI opened at 2,457.04, down 0.23% (5.58 points) from the previous day, and has been fluctuating between gains and losses, showing mixed trends. Regarding investor activity, foreigners and individuals bought stocks worth 2.4 billion KRW and 28.7 billion KRW respectively, while institutions alone sold stocks worth 34.2 billion KRW.

In the early session, the KOSPI is declining influenced by the drop in the US Nasdaq index. It is analyzed that a wait-and-see stance has expanded ahead of Jerome Powell’s testimony to the US Congress and the release of February US employment data. Ji-young Han, a researcher at Kiwoom Securities, said, “Since the market has previously faced unexpected outcomes regarding inflation, employment, or remarks from Federal Reserve officials in February, there is a mood to keep the possibility of surprises open this time as well,” adding, “As market participants adjust short-term positions while digesting major macro events, price volatility may be exposed.”

Looking at the top market capitalization stocks, Samsung Electronics traded at 61,300 KRW, down 0.33% from the previous day. Other stocks such as Samsung Biologics (-0.25%), Samsung SDI (-1.28%), Hyundai Motor (-0.73%), and NAVER (-1.4%) declined, while LG Energy Solution (0.37%), LG Chem (1.52%), and Kia (0.25%) rose.

At the same time, the KOSDAQ index stood at 813.46, down 0.37% (3.05 points) from the previous day. The KOSDAQ opened at 814.27, down 0.27% (2.24 points) from the previous day, and continued its downward trend. Regarding investor activity, individuals maintained a net buying trend alone. Individuals bought stocks worth 60 billion KRW, while foreigners and institutions sold stocks worth 26.8 billion KRW and 20.3 billion KRW respectively.

Among the top market capitalization stocks, Celltrion Healthcare (2.4%), HLB (2.06%), SM Entertainment (12.99%), and JYP Ent. (1.04%) rose. SM Entertainment’s stock price was positively affected by news that Kakao has started a public tender offer at 150,000 KRW per share. Pearl Abyss (0.92%) rose, while Kakao Games (-2.13%), EcoPro (-2.91%), L&F (-4.07%), and EcoPro BM (-3.92%) declined.