US Interest Rate Cut Expectations Fall... KOSPI Sinks to 2600 Level

The KOSPI fell below the 2600 level due to fading expectations of an early interest rate cut in the United States.

As of 9:58 a.m. that day, the KOSPI index was trading at 2598.28, down 7.60 points (-0.30%) from the previous trading day. The index started at 2592.44, down 14.87 points (0.57%), and has been fluctuating since. Foreigners and institutions sold 14.2 billion KRW and 167.1 billion KRW worth of stocks respectively, pulling the index down. Individuals were net buyers with 180.4 billion KRW.

Among the top market capitalization stocks, Samsung Electronics rebounded, rising 0.39%, while SK Hynix (1.17%) and LG Energy Solution (0.12%) also showed upward trends. Samsung Biologics (-2.19%), Hyundai Motor (-1.19%), Kia (-0.64%), and Celltrion (-6.26%) were in decline.

By sector, food and beverages (0.34%), chemicals (0.03%), steel and metals (0.36%), electrical and electronics (0.13%), construction (0.04%), transportation and warehousing (2.55%), and telecommunications (0.30%) were rising. Meanwhile, textiles and apparel (0.64%) and paper and wood (-0.29%) were falling.

The weak U.S. stock market and uncertainty over the timing of U.S. interest rate cuts appear to be dragging down the market. On the 3rd (local time), the New York stock market closed lower across the board as expectations spread that the pace of rate cuts would not be as rapid as the market had hoped.

At the New York Stock Exchange (NYSE) that day, the blue-chip-focused Dow Jones Industrial Average closed at 37,430.19, down 284.85 points (0.76%) from the previous session. The large-cap-focused S&P 500 index ended the day at 4,704.81, down 38.02 points (0.8%), and the tech-heavy Nasdaq index closed at 14,592.21, down 173.73 points (1.18%).

The KOSDAQ index started lower but recorded 872.58, up 0.75 points (0.12%) from the previous day as of 9:47 a.m. that day. The index rebounded after opening lower. Foreigners and institutions were net sellers of 57.7 billion KRW and 18.9 billion KRW respectively, while individuals bought 75.4 billion KRW.

Among the top market capitalization stocks, all except HLB (-5.14%) and Celltrion Pharm (-3.64%) were rising. EcoPro (1.84%), EcoPro BM (2.585%), L&F (4.33%), and Alteogen (0.22%) showed upward trends.

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