Shock from the US Hits 'Cell Korea'... KOSPI Breaks 2700 Level for the First Time in Two Months

Fell Below 2700 During Trading for the First Time Since June 10
All Sectors and Top Market Cap Stocks Decline Simultaneously
'Economic Downturn Concerns' Impact from Previous Day's Sharp Drop in US Stock Market

Concerns over a US-originated economic recession and a sharp drop in the New York stock market dealt a direct blow to the KOSPI as well. It plunged nearly 3% shortly after the opening, breaking below the 2700 mark intraday for the first time in about two months.

As of 9:51 AM on the 2nd, the KOSPI is trading at 2699.28, down 2.82% (78.40 points) from the previous close. The KOSPI opened at 2719.39, down 58.29 points (2.10%) from the previous day's closing price, and has been showing weakness without recovering its early losses. The KOSPI index falling below 2700 intraday is the first occurrence since it hit an intraday low of 2689.19 on June 10.

By investor type, foreigners are net sellers of 229.2 billion KRW, and institutions are net sellers of 285.2 billion KRW, totaling over 500 billion KRW. Individuals are the sole buyers, purchasing 516.1 billion KRW.

All sectors are declining. In particular, Electrical & Electronics (-3.52%), Machinery (-3.85%), Manufacturing (-2.96%), Insurance (-2.85%), Transportation Equipment (-2.87%), and Construction (-2.70%) are showing declines of over 2.5%.

65 stocks are rising, 837 stocks are falling, and 25 stocks are unchanged. All of the top 10 stocks by market capitalization are declining. Samsung Electronics (-2.65%), SK Hynix (-7.24%), Hyundai Motor (-3.94%), Kia (-3.03%), and KB Financial Group (-3.28%) are all showing declines exceeding 3%.

The US stock market fell more than 1% across the three major indices the previous day amid rising recession concerns. Initial jobless claims surged to the highest level in the past year, and the Institute for Supply Management (ISM) June Services Purchasing Managers' Index (PMI) recorded its lowest level since November last year. Although a rate cut in September has become likely, the market is expressing dissatisfaction, saying the timing of the rate cut is too late.

The KOSDAQ index is trading at 791.25, down 2.74% (22.28 points) from the previous day.

By investor type, foreigners are selling 69.9 billion KRW, institutions are selling 17.3 billion KRW, and individuals are buying 92.0 billion KRW.

152 stocks are rising, 1461 stocks are falling, and 29 stocks are unchanged. Similarly, all of the top market cap stocks are declining. Bio stocks such as Alteogen (-3.13%), Celltrion Pharm (-3.37%), and Hugel (-3.25%) are particularly showing notable weakness with declines exceeding 3%.

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