KOSPI and KOSDAQ Open Lower... Won-Dollar Exchange Rate at 1335.0 at Opening

FOMC Baby Step Decision
Investor Sentiment Weakens on Powell's Hawkish Remarks

[Image source=Yonhap News]

On the 4th, the KOSPI and KOSDAQ opened lower. It is interpreted that investor sentiment weakened after Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), firmly stated at dawn that "interest rate cuts are inappropriate." The index is falling due to foreign and institutional selling pressure.

As of 9:05 a.m., the KOSPI is at 2491.78, down 0.38% (9.62 points) from the previous day. The KOSPI opened at 2494.82, down 0.26% (6.58 points) on the day.

Foreigners and institutions are net selling 6.2 billion KRW and 74.8 billion KRW respectively. Individuals alone are net buying 81.1 billion KRW, but it seems limited in lifting the index.

Among the top 10 stocks by market capitalization, only Samsung Biologics (+2.06%) is on the rise. LG Chem and Samsung SDI are flat. NAVER is down 1.19%, LG Energy Solution -1.06%, Hyundai Motor -0.90%, POSCO Holdings -0.79%, and SK Hynix -0.56% in descending order.

As of 9:10 a.m., the KOSDAQ is trading at 839.70, down 0.41% (3.48 points) from the previous day. The KOSDAQ opened at 842.13, down 0.12% (1.05 points) from the previous day, and is widening its losses.

Similarly, foreigners and institutions are pulling the KOSDAQ index down. Foreigners and institutions are net selling 44.8 billion KRW and 14.6 billion KRW respectively. Only individuals are net buying 54.7 billion KRW.

The top 10 stocks by market capitalization show mixed trends. EcoPro -1.05%, JYP Entertainment -0.84%, EcoPro BM -0.80%, Kakao Games -0.63%, L&F -0.20%, Ostem Implant -0.11% are falling. Meanwhile, HLB +2.33%, Celltrion Pharm +2.03%, Celltrion Healthcare +1.34%, Pearl Abyss +0.57% are rising.

Among the eight stocks that recorded multiple limit-downs triggered by Soci?t? G?n?rale (SG) Securities, only Harim Holdings is up 0.22%. Daesung Holdings -4.67%, Seonkwang -3.45%, Sebang -3.05%, Daol Investment & Securities -3.04%, Dow Data -2.27%, Seoul Gas -2.13%, and Samchully -0.63% are falling in order.

Meanwhile, in the Seoul foreign exchange market, the won-dollar exchange rate opened at 1335.0 won, down 3.2 won.