Kospi Barely Holds 7,000 Despite Surge in US Chip Stocks
Summary
- The Kospi gave up most of its gains despite strength in U.S. semiconductor stocks, as retail selling pressure and a rebound in international oil prices weighed on the index.
- Retail investors were net sellers of about 2 trillion won on the main board, with selling in Samsung Electronics and SK Hynix totaling 794.2 billion won and 436 billion won, respectively.
- Foreign investors were net buyers of 239.2 billion won, extending their buying streak to three straight sessions, while a rebound in international oil prices and in WTI futures of more than 1% limited the market's gains.
Forecast Trend Report by Period
The Kospi surged early on the back of gains in U.S. semiconductor shares, but gave up most of the advance as retail selling and a rebound in international oil prices weighed on the market.
On Sept. 22, the Kospi closed 0.15% higher at 7,017.91. The index rose more than 2% in early trading to top 7,100, but surrendered most of those gains in the afternoon.
Retail investors were net sellers of about 2 trillion won ($1.45 billion) on the benchmark market that day. Selling in Samsung Electronics and SK Hynix amounted to 794.2 billion won ($576 million) and 436 billion won ($316 million), respectively.
Samsung Electronics rose 0.91% to close at 276,500 won, while SK Hynix erased its intraday gain and finished 1.50% lower at 1.84 million won. Foreign investors were net buyers of 239.2 billion won ($173 million), extending their buying streak to three straight sessions.
The rebound in international oil prices also capped gains in equities. West Texas Intermediate futures, which had fallen to around $91 a barrel, rebounded more than 1% on the day.
The Kosdaq closed 0.23% lower at 834.38.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.