The domestic stock market started with a sharp drop of over 2% due to fears of a US-originated economic recession.
As of 9:21 a.m. on the 11th, the KOSPI was at 2521.10, down 49.29 points (-1.92%) compared to the previous trading day. The KOSPI opened at 2516.69, down 53.70 points (-2.09%) on the day.
Individual investors are net buyers with 101.5 billion KRW, but foreigners are net sellers with 27.5 billion KRW, institutions with 76.7 billion KRW, and pension funds with 28.4 billion KRW.
On the 11th, as the KOSPI opened lower due to the shock of a sharp decline in the US stock market, the KOSPI index was displayed on the status board of Hana Bank dealing room in Jung-gu, Seoul. Photo by Yonhap News
All of the top 10 KOSPI market capitalization stocks are declining. LG Energy Solution (-2.86%), Naver (-2.56%), SK Hynix (-2.34%), Hanwha Aerospace (-2.14%), Samsung Electronics Preferred (-1.76%), Samsung Electronics (-1.3%), Hyundai Motor (-1.22%), Samsung Biologics (-1.2%), Kia (-0.92%), and Celltrion (-0.38%) all fell.
The New York stock market closed sharply lower on the 10th due to President Trump's indication of a possible recession and his determination to push forward with tariff policies.
In an interview with Fox News the previous day, President Trump did not deny the possibility of a recession this year when asked if he expected one.
Accordingly, the Dow Jones Industrial Average fell 2.08% from the previous trading day, the large-cap focused Standard & Poor's (S&P) 500 index dropped 2.69%, and the tech-heavy Nasdaq index plunged 4.00%. Notably, the Nasdaq experienced its largest single-day drop since September 2022.
The decline was led by the simultaneous plunge of the seven major US tech companies known as the "Magnificent 7 (M7)." Tesla plummeted by a staggering 15.43%, while Apple (-4.85%), Nvidia (-5.07%), Meta (-4.42%), Microsoft (-3.34%), and Alphabet (-4.49%) also saw significant declines. The combined market capitalization of these companies decreased by $774 billion (1,129 trillion KRW).
The KOSDAQ also started lower. It is currently at 712.58, down 13.24 points (-1.82%) from the previous trading day. The KOSDAQ opened at 710.20, down 15.62 points (-2.15%) on the day.
Foreigners are net buyers with 40 billion KRW, but institutions and individuals are net sellers with 13.3 billion KRW and 23.4 billion KRW, respectively.
Among the top 10 KOSDAQ market capitalization stocks, only HLB rose by 3.26%. EcoPro (-3.33%), Rainbow Robotics (-3.2%), Samchundang Pharmaceutical (-3.09%), EcoPro BM (-3.01%), Classys (-2.65%), Rigachem Bio (-2.62%), Hugel (-2.33%), Alteogen (-1.61%), and Pharma Research (-1.26%) all declined.
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