Kospi Slips 0.42% Early as OpenAI Growth Concerns Weigh on Chip Stocks; Kosdaq Flat
Summary
- Concerns about OpenAI’s growth and an overnight New York stock decline pushed the Kospi index down 0.42%%, leaving the market in a brief pause.
- Foreign investors were net sellers of 151.4 billion won on the Kospi, while retail and institutional investors were net buyers, and semiconductor shares such as Samsung Electronics and SK Hynix were weak.
- The Kosdaq index traded near flat, with institutions net selling and retail and foreign investors net buying, while individual stocks showed a mixed trend. The won-dollar exchange rate also opened lower.
Forecast Trend Report by Period
Samsung Electronics, SK Hynix fall more than 1%
South Korea’s Kospi opened lower after closing at record highs for a second straight session, with weakness in heavyweight semiconductor shares such as Samsung Electronics Co. and SK Hynix Inc. weighing on the index amid concerns about OpenAI’s growth.
As of 9:03 a.m. on April 29, the Kospi had fallen 27.77 points, or 0.42%, to 6,613.25. U.S. stocks fell across the board overnight after concerns emerged over OpenAI’s growth, and the Kospi was taking a breather in early trading.
The Wall Street Journal reported that OpenAI missed targets for new users and revenue, fueling internal concerns over whether it can sustain heavy artificial-intelligence spending. The report added that the company’s finance chief recently told executives that if revenue falls short of targets, OpenAI may be unable to pay for future AI data-center costs.
On the Kospi, foreign investors were net sellers of 151.4 billion won at that time. Retail and institutional investors were net buyers of 166 billion won and 13 billion won, respectively.
Samsung Electronics and SK Hynix, the market’s two biggest chipmakers, were down 1.01% and 1.23% in early trading. SK Square fell 1.48% and HD Hyundai Heavy Industries lost 1.95%. Doosan Enerbility rose 0.23%, while Hanwha Aerospace, Samsung Biologics and Kia gained 0.72%, 0.53% and 0.64%, respectively.
The Kosdaq traded near flat. As of that time, the index was down 0.12% at 1,214.1. On the Kosdaq, institutions were net sellers of 17.3 billion won, while retail and foreign investors were net buyers of 13.4 billion won and 15.4 billion won, respectively.
Among Kosdaq heavyweights, trading was mixed. EcoPro, Rainbow Robotics and LEENO Industrial were lower, while Alteogen, Samchundang Pharm, Kolon TissueGene, ABL Bio and LigaChem Biosciences were higher.
The won opened stronger against the dollar. In Seoul trading, the won-dollar exchange rate opened at 1,472.4 won per dollar, down 0.8 won from the previous session.
Lee Su, Hankyung.com reporter 2su@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
