"Concerns Over Exchange Rate and China Variables" Foreign Selling Pressure... KOSPI Struggles to Hold the 3000 Level

[Asia Economy Reporter Ji Yeon-jin] On the 10th, the KOSPI index continues to battle around the 3000 level. The index, which rebounded sharply due to stable U.S. interest rates, saw its gains trimmed as foreign investors sold off amid concerns over exchange rates and Chinese variables.

As of 10:30 a.m. on the same day, the KOSPI was at 2,994.44, up 17.74 points (0.60%) from the previous day. Overnight, the U.S. stock market, led by the Nasdaq, rose sharply, pushing the domestic stock market up more than 1% and recovering the 3000 level. However, the rise narrowed as foreign selling continued. On the day, individuals net bought about 127.2 billion KRW, while foreigners and institutions net sold about 102 billion KRW and 21 billion KRW, respectively.

Lee Kyung-min, an analyst at Daishin Securities, said, "The U.S. stock market's strong performance caused a sharp rebound in the market, but it appears that attempts to stabilize the KOSPI at the 3000 level are underway. Yesterday, the KOSPI recovered intraday losses, but the impact of the sharply rising Nasdaq was limited, and foreigners and institutions are cautious about the strong won-dollar exchange rate and China's tightening variables."

Most large-cap stocks among the top KOSPI market capitalization stocks rose. Influenced by Tesla's sharp rise in the New York stock market, electric vehicle battery stocks rose significantly. LG Electronics (4.41%) showed the steepest rise among the top 10 by market cap, and Samsung SDI also rose about 2%. NAVER and Kakao also showed notable gains of 2.90% and 3.17%, respectively. Samsung Electronics, the largest by market cap, recorded a 0.37% rise to 81,700 KRW as its early session gains narrowed. Hyundai Motor (-2.22%) and Kia Motors (0.36%) were the only stocks among the top 10 by market cap to decline.

At the same time, the KOSDAQ was trading at 904.63, up 8.24 points (0.92%). Individuals net bought about 100.2 billion KRW, while foreigners and institutions sold about 67.8 billion KRW and 29.1 billion KRW, respectively.

Among the top KOSPI market cap stocks, bio-pharmaceutical company HL Biopharma (6.30%) recorded the largest gain, with Alteogen (3.85%) and Seegene (3.01%) also showing steep rises. It is analyzed that bio-related stocks rose together as SK Bioscience's IPO subscription is expected to record an all-time high competition rate. KOSDAQ leaders Celltrion Healthcare (1.41%) and Celltrion Pharm (1.62%) have also emerged from recent declines. However, Kakao Games (-2.23%) and CJ ENM (-0.42%) showed weakness.

This content was produced with the assistance of AI translation services.