Eyes on US FOMC... Domestic Stock Market Ends Mixed

KOSPI down 0.64% to 3047.50
KOSDAQ up 0.33% to 943.78

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] The domestic stock market closed mixed on the 17th as investors awaited the decision of the U.S. Federal Open Market Committee (FOMC). The KOSPI showed weakness reflecting concerns over U.S. tightening, while the KOSDAQ reversed to an upward trend late in the session due to individual buying.

On the day, the KOSPI index closed at 3,047.50, down 19.64 points (0.64%) from the previous day. Individual investors net bought stocks worth 10.53 billion KRW, while foreigners (-5.309 billion KRW) and institutions (-5.337 billion KRW) were net sellers. In the afternoon, pension funds sold 1.409 billion KRW.

Among the top market cap stocks on the KOSPI, Kakao was the only gainer, rising 1.25% to 485,000 KRW. Despite news that Kakao did not participate in the bid to acquire eBay Korea, the stock rose as it holds a 23% stake in Dunamu, the operator of the cryptocurrency exchange Upbit, either directly or indirectly, leading to analysis that it benefits from Bitcoin.

Naver (NAVER), which showed strength early in the session, turned downward during the day and closed at 383,500 KRW, down 0.36% from the previous day.

LG Chem and Samsung SDI, which plunged after Volkswagen announced a replacement of its main electric vehicle batteries, fell 3.82% and 6.03%, respectively.

Other stocks such as Samsung Electronics (-0.60%), SK Hynix (-0.36%), Hyundai Motor (-0.85%), and Samsung Biologics (-1.91%) also showed weakness.

The KOSDAQ index rose 3.13 points (0.33%) to 943.78. Individuals net bought about 98.4 billion KRW, while foreigners and institutions net sold 52.2 billion KRW and 28.7 billion KRW, respectively.

Among the top market cap stocks on the KOSDAQ, Alteogen (0.2%), Kakao Games (1.38%), and Seegene (2.82%) recorded gains, while Celltrion Healthcare (-1.56%), Celltrion Pharm (-1.31%), and SK Materials (-1.89%) declined. Notably, EcoPro BM, a secondary battery material company, fell 4.15%.

Lee Jin-woo, head of investment strategy at Meritz Securities, said, "Looking at the U.S. stock market yesterday, Treasury yields fell but reversed to rise during the session, and tech stocks gave back early gains, reflecting unstable sentiment. Both recently surged cyclical stocks and tech stocks fell, showing caution toward the FOMC."

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