KOSPI Pauses Ahead of Holiday, Holds in 3,470 Range for Second Day... KOSDAQ Also Declines

The KOSPI closed in the 3,470 range, continuing its slight downward trend for a second consecutive day.

On September 25, the KOSPI finished trading at 3,471.11, down 1.03 points (0.03%) from the previous day. The index opened at 3,458.98, a drop of 13.16 points (0.38%) from the previous session, and fell as low as 3,454.08 in early trading, but later pared some of its losses.

Yonhap News Agency

Individual investors recorded a net sell of 540.9 billion won, while foreign investors and institutions purchased 181.4 billion won and 268.7 billion won, respectively. In the KOSPI200 futures market, foreign investors were the sole net buyers with 512 billion won, while individuals and institutions sold 303.7 billion won and 158 billion won, respectively.

The leading KOSPI stocks ended mixed. Doosan Enerbility (-2.88%), Samsung Biologics (-2.29%), Hanwha Aerospace (-0.97%), KB Financial Group (-0.87%), SK Hynix (-0.28%), and Hyundai Motor (-0.23%) declined, whereas LG Energy Solution (3.88%), Samsung Electronics (0.82%), HD Hyundai Heavy Industries (0.80%), and Celltrion (0.57%) rose. Naver surged 11.40% following news that it would incorporate Dunamu, which operates Upbit, the fourth largest global virtual asset exchange in Korea, as an affiliate.

Lee Jaewon, a researcher at Shinhan Investment & Securities, commented, "The KOSPI was supported on the downside by continued net buying of Samsung Electronics by foreign investors, despite the absence of any significant issues." He added, "With a long holiday approaching (five consecutive trading days off, a seven-day holiday), risk aversion is spreading, leading to sector rotation, and the market's attention is shifting toward third-quarter earnings."

On the same day, the KOSDAQ closed at 852.48, down 8.46 points (0.98%), marking a third consecutive day of decline. The index had opened at 858.45, down 2.49 points (0.29%). While institutions sold 114.8 billion won, individual and foreign investors bought 107.4 billion won and 30.7 billion won, respectively.

Among the top KOSDAQ stocks by market capitalization, selling pressure prevailed. Rainbow Robotics (8.86%), Ecopro BM (4.51%), Ecopro (3.19%), and HLB (1.28%) rose, while Legochem Biosciences (-6.26%), ABL Bio (-5.57%), Samchundang Pharm (-4.44%), PharmaResearch (-4.04%), Peptron (-3.10%), and Alteogen (-2.05%) declined.

By sector, IT services (+6.61%), display panels (+4.45%), trade (+3.21%), electrical products (+3.20%), and chemicals (+1.48%) ended higher. In contrast, biotechnology (-2.57%), energy equipment and services (-2.47%), telecommunications equipment (-2.40%), and electric utilities (-2.27%) closed lower.

With the won-dollar exchange rate exceeding 1,400 won, market attention is intensifying. In overnight trading, the exchange rate surpassed 1,400 won during the session and closed at 1,403.8 won, the highest level since May 14 this year (overnight session close: 1,404.5 won).

Kim Jiwon, a researcher at KB Securities, explained, "Despite continued foreign buying and the stock market's upward trend, the main reasons for the persistently high exchange rate include increased demand for dollars due to rising overseas investments by individuals and concerns over funding for US-focused investment funds." She added, "A combination of factors, such as the burden from the recent rally, weakening market momentum, and a wait-and-see stance ahead of the Chuseok holiday, is likely to sustain market caution in the absence of clear direction for the index."