Semiconductor and Secondary Battery Weakness... KOSPI Closes Lower

KOSDAQ Rises

On the 6th, the KOSPI closed lower, led by semiconductor and secondary battery-related stocks, amid weakness in U.S. tech stocks.

On that day, the KOSPI index closed at 2,641.49, down 7.91 points (0.30%) from the previous trading day. The index opened at 2,638.84, down 10.56 points (0.40%), and ultimately failed to rebound. Foreign investors sold 376.7 billion won, institutions sold 212.1 billion won, while individual investors bought 533.6 billion won alone.

Dealers are working in the dealing room of Hana Bank in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

Among the top market capitalization stocks, Shinhan Financial Group (3.52%), Kia (3.52%), Celltrion (2.73%), Hyundai Motor (0.80%), and Samsung Biologics (0.64%) rose. On the other hand, LG Chem (-2.43%), POSCO Future M (-2.21%), SK Hynix (-1.75%), POSCO Holdings (-1.68%), Samsung Electronics (-1.09%), and Samsung Life Insurance (-1.05%) fell.

By sector, Medical Precision (2.85%), Machinery (2.75%), Transportation Equipment (1.84%), and Pharmaceuticals (1.37%) rose. Sectors such as Securities (-2.31%), Transportation & Warehousing (-1.73%), Steel & Metals (-1.32%), Insurance (-1.08%), and Electrical & Electronics (-1.01%) declined.

Lee Jaewon, a researcher at Shinhan Investment Corp., said, "The KOSPI fell due to weakness in U.S. big tech stocks, with semiconductors and secondary batteries declining." He added, "The secondary battery value chain was pressured by Tesla, and the semiconductor sector was weakened by big tech influences, both increasing downward pressure on the index." Defense-themed stocks such as LIG Nex1 and Hanwha Aerospace showed strength as foreign investors continued net buying. Bitcoin-related stocks were weak as Bitcoin broke its all-time high and then reversed downward.

The KOSDAQ index closed at 870.67, up 4.30 points (0.50%) from the previous session. The index opened at 861.67, down 4.70 points (0.54%), but succeeded in closing higher. Foreign investors sold 11.1 billion won, institutions sold about 114.5 billion won, while individual investors bought about 128.6 billion won.

Among the top market capitalization stocks, LegoChem Biosciences (29.33%), Dongjin Semichem (9.35%), Shinseong Delta Tech (5.23%), Celltrion Pharm (4.44%), HPSP (4.13%), Rainbow Robotics (3.12%), and Soulbrain (3.06%) rose. Meanwhile, EcoPro BM (-2.35%), JYP Entertainment (JYP Ent.) (-2.12%), Pearl Abyss (-1.55%), EcoPro (-1.16%), and Kakao Games (-0.86%) closed lower.

The researcher added, "In the KOSDAQ market, the strength of Alteogen spread, lifting bio stocks including LegoChem Biosciences. Expectations related to the upcoming American Association for Cancer Research conference next month also played a role. AI chatbot and ChatGPT-related stocks were strong due to consecutive service supply contract announcements."

In the Seoul foreign exchange market on the day, the won-dollar exchange rate closed steady at 1,334.5 won, unchanged from the previous trading day.