Kospi Falls Back Below 5,700 After One-Day Rebound as Chip Stocks Weaken
Summary
- The Kospi fell below the 5,700 level, with net selling by retail and institutional investors offsetting net buying by foreigners.
- Major chip stocks including Samsung Electronics and SK Hynix, along with LG Energy Solution, moved lower, while Samsung Electro-Mechanics advanced.
- An analyst said mixed upside and downside signals from US after-hours trading could leave the market in a volatile trading pattern as it absorbs profit-taking after the recent sharp gain.
Forecast Trend Report by Period
The Kospi turned lower in early trading on October 22, slipping below the 5,700 level a day after a sharp rebound. The benchmark came under pressure as net selling by retail and institutional investors offset foreign buying.
As of 9:04 a.m., the Kospi was down 0.68% at 5,696.74. On the main board, retail investors were net sellers of 104.1 billion won, while institutions sold a net 70 billion won. Foreign investors were net buyers of 173.1 billion won.
Samsung Electronics and SK Hynix, which had led the previous day's rebound, fell 0.22% and 0.93%, respectively. LG Energy Solution dropped 3.16%, while Samsung Biologics and Hyundai Motor fell 1.76% and 1.13%, respectively. Samsung Electro-Mechanics rose 3.94%.
Han Ji-young, an analyst at Kiwoom Securities, said US after-hours trading offered mixed signals, with Meta Platforms higher while Lam Research and Tesla weakened. He said the market would likely remain volatile as it absorbs some profit-taking after the previous day's sharp short-term rally.
The Kosdaq fell 0.63% to 787.78 at the same time. Foreign and institutional investors were net sellers of 22.4 billion won and 16.4 billion won, respectively, while retail investors were net buyers of 43 billion won.
Among heavyweight Kosdaq stocks, EcoPro BM fell 4.69%. Jusung Engineering and Wonik IPS dropped 2.78% and 2.77%, respectively. Rainbow Robotics gained 2.14%.
YM Lee
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