KOSPI and KOSDAQ Hesitate "Cautious Sentiment in Stable Range"... Growing Desire for Profit-Taking

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] After hitting an all-time high the previous day, the KOSPI opened lower on the 8th and is now fluctuating around the 3250 level.

As of 9:14 a.m. that day, the KOSPI was trading at 3255.50, up 0.10% from the previous day. The index started at 3251.83, down 0.29 points (0.01%).

By investor type, individuals and foreigners are net sellers of 20.5 billion KRW and 126.4 billion KRW respectively. Only institutions are net buyers, purchasing about 155.2 billion KRW.

By sector, pharmaceuticals, telecommunications, banking, services, and non-metallic minerals are on the rise. Machinery is down more than 3%, and electricity and gas, steel and metals, transportation and warehousing, and transportation equipment are also declining.

Among the top market capitalization stocks on the KOSPI, Samsung Electronics, NAVER, Samsung Biologics, Kakao, and Celltrion are rising. SK Hynix, LG Chem, Hyundai Motor, and Samsung SD are falling.

The KOSDAQ is trading at 986.60, up 0.0% from the previous day. The index started at 986.43, up 0.57 points (0.06%). Individuals and institutions are net buyers of 7 billion KRW and 10.4 billion KRW respectively. Foreigners are net sellers of 17.6 billion KRW. Most sectors are in the green, with distribution showing an upward trend.

Han Ji-young, a researcher at Kiwoom Securities, said, "The domestic stock market is expected to face downward pressure due to uncertainty surrounding the U.S. consumer price announcement and increased profit-taking desires from short-term level burdens. Although the favorable export-import growth rate of China, Korea's main export country, in May and the fact that major large-cap stocks such as semiconductors and automobiles, which had been sluggish for some time, are bottoming out can be seen as positive factors for the overall Korean stock market, there is pressure to digest major macro events this week. Therefore, the index direction is expected to stagnate in the short term."

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