KOSPI Attempts a 'Rebound' but Falls Short... Mixed Trends Among Top Market Cap Stocks

[Image source=Yonhap News]

[Asia Economy Reporter Lee Seon-ae] On the 15th, the KOSPI started the day higher but showed a slightly weak trend in the early session. Although a rebound is being attempted, the rise remains limited at around 0.05% due to concerns over persistently high inflation and strong tightening measures, showing signs of weakening momentum. Rather than active trading, a cautious market sentiment is deepening.

On this day, the KOSPI opened at 2416.01, up 4.59 points (0.19%). As of 9:31 a.m., it was trading at 2412.83, up 0.06%. In the early session, individual investors showed net buying, supporting the downside. At this time, individuals have bought about 96.7 billion KRW. On the other hand, foreigners and institutions are selling, with sales of approximately 24.1 billion KRW and 73.2 billion KRW, respectively.

Overnight, the New York stock market rose slightly due to rebound buying following a sharp decline the previous day. On the 14th (Eastern Time), at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 31,135.09, up 30.12 points (0.10%) from the previous close. The Standard & Poor's (S&P) 500 index rose 13.32 points (0.34%) to 3,946.01, and the tech-heavy Nasdaq index rebounded 86.10 points (0.74%) to close at 11,719.68. All three major indices started higher, but the Dow dropped sharply by about 0.7% near the end of the session, maintaining a volatile outlook. The S&P 500 and Nasdaq indices also reversed to declines of about 0.5% and 0.2%, respectively, 30 minutes before closing. However, within 30 minutes, the Nasdaq rebounded about 0.7%, showing high volatility. Concerns remain over persistent inflationary pressures and the expectation that the Federal Reserve's (Fed) aggressive tightening will continue for some time. The previous day saw the three major indices fall sharply by 3% to 5% or more, marking the largest drop since June 2020.

Seosangyoung, a researcher at Mirae Asset Securities, said, "Although the U.S. stock market’s positive close will have a favorable impact on the Korean market, the ongoing issues related to high inflation in the U.S. and rising short-term Treasury yields remain a burden." He added, "Given the possibility that the Fed’s rate hike pace could be stronger than expected, rebound buying sentiment is likely to weaken. Therefore, rather than active responses, fluctuations will unfold depending on foreign investor flows and exchange rate changes amid a cautious stance."

Among the top market capitalization stocks, a mixed trend is seen as the index searches for direction. In the KOSPI market, LG Energy Solution is showing a slight rise of 0.10%, while Hyundai Motor and Samsung SDI are up about 1%. Conversely, SK Hynix, Samsung Biologics, and NAVER are declining. In the KOSDAQ market, Celltrion Healthcare and Celltrion Pharm are showing slight gains under 1%, while EcoPro BM, L&F, and Kakao Games are all down.

The won-dollar exchange rate opened at 1,391 won, up 0.1 won, in the Seoul foreign exchange market on this day.

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