KOSPI starts lower for first time in 12 trading days…SK Hynix down in the 2% range

The KOSPI is trading lower in early trade, as foreign investors are selling both cash and futures. Institutional investors have also joined in selling stocks. This is the first time in 12 trading days since the 1st that the KOSPI has started the regular trading session at a price lower than the previous day's closing price.

In particular, Samsung Electronics and SK Hynix, which had driven the gains, are showing weakness and pulling the index down.

At 9:05 a.m. on the 17th, the KOSPI was trading at 3,425.26, down 24.36 points (0.71%) from the previous day.

Foreign investors are net sellers of KRW 67.4 billion worth of stocks and KRW 231.8 billion worth of KOSPI200 futures in the KOSPI market, showing a weak trend in the index. The foreigners' futures selling led to institutions selling KRW 49.0 billion worth of spot stocks. Individual investors are net buyers of KRW 112.1 billion.

Most of the large-cap stocks by market capitalization are broadly down.

Samsung Electronics and SK Hynix are down 1.64% and 2.3%, respectively.

Hanwha Aerospace and Doosan Enerbility are down 1.44% and 3.32%, respectively.

However, HD Hyundai Heavy Industries and Hanwha Ocean are up 0.6% and 2.66%, respectively.

LG Energy Solution and Samsung Biologics are in slight decline.

The KOSDAQ is trading at 848.95, down 2.89 points (0.34%) from the previous day. In this market, individual investors are buying KRW 35.1 billion worth of stocks, while foreign and institutional investors are net sellers of KRW 20.2 billion and KRW 11.8 billion, respectively.

Top market-cap KOSDAQ stocks are also mostly weak.

ABL Bio's 1.58% gain is the most prominent.

The declines among weak stocks are not large. HLB's 1.03% drop is the largest.

Alteogen (-0.2%), EcoPro BM (-0.33%), Peptron (-0.17%), and Pharmaresearch (-0.32%) are all in slight decline.

Overnight, major U.S. stock indices also closed lower. Market participants were cautious ahead of the U.S. central bank's (Fed) Federal Open Market Committee (FOMC) policy meeting results due the next day. On the 16th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 45,757.90, down 125.55 points (0.27%) from the previous day; the Standard & Poor's (S&P) 500 closed at 6,606.76, down 8.52 points (0.13%); and the Nasdaq Composite closed at 22,333.96, down 14.79 points (0.07%).

Han Kyung-woo, Hankyung.com reporter case@hankyung.com