▲ The KOSPI and KOSDAQ indices are displayed on a screen at the Hana Bank dealing room in Jung-gu, Seoul, on July 2, as the KOSPI opened with a sharp decline.
The KOSPI fell sharply on July 2, dropping below the 8,000 mark following a downturn in U.S. technology stocks overnight.
The index is being dragged down by a selling spree from foreign investors, which has continued for 10 consecutive trading sessions.
As of 9:24 a.m. today, the KOSPI stood at 7,833.20, down 470.21 points (5.66%) from the previous trading day.
The index opened at 7,933.10, down 370.31 points (4.46%), falling below the 8,000 mark for the first time in 15 trading sessions since June 11.
It subsequently deepened its losses, sliding as low as 7,758.27 at one point.
Due to the sharp decline, a sidecar—a temporary suspension of program sell orders—was triggered in the KOSPI market.
In the Seoul foreign exchange market, the won-dollar exchange rate was 1,552.3 won, down 2.6 won from the previous day.
Currently, foreign investors are pulling down the index with a net sale of 1.7516 trillion won in the KOSPI market, while individual and institutional investors are net buyers of 1.3267 trillion won and 379.1 billion won, respectively.
Foreigners have been net sellers for 10 consecutive trading days since June 19.
Foreigners are also net selling 59.3 billion won in the KOSPI 200 futures market.
Overnight, the three major New York stock indices all closed lower as tech stocks weakened.
The Dow Jones Industrial Average fell 0.03%, while the S&P 500 and the Nasdaq indices declined 0.22% and 0.66%, respectively.
The Philadelphia Semiconductor Index plunged 6.27% as Micron Technology (-10.57%), AMD (-6.89%), Intel (-9.03%), and Nvidia (-1.25%) all saw their share prices fall.
The decline was driven by concerns over potential overinvestment by big tech companies and the possibility of reduced demand for semiconductors, sparked by reports that Meta, which had built massive computing infrastructure for Artificial Super Intelligence (ASI) development, is pushing to sell its excess resources externally.
However, the market found some support after Kevin Warsh, a member of the U.S. Federal Reserve, assessed that the risk of inflation in the U.S. has decreased and that inflation expectations have also fallen.
The domestic stock market is currently being dragged down by foreign selling, primarily centered on semiconductor stocks.
Among top market-cap stocks, Samsung Electronics (-7.79%) plunged, falling below the 300,000 won mark, while SK Hynix (-8.24%) also dropped to the 2.3 million won range.
In addition, SK Square (-9.68%), Samsung Electro-Mechanics (-9.71%), Hyundai Motor (-5.33%), LG Energy Solution (-2.01%), and HD Hyundai Heavy Industries (-5.04%) are also trading lower.
(Photo: Yonhap News)
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