▲ The real-time won-dollar exchange rate and KOSPI are displayed on an electronic board at the dealing room of Hana Bank headquarters in Jung-gu, Seoul, on the morning of the 16th.
The KOSPI is showing a cautious pattern in the 6,630 range during early trading today (the 16th) ahead of the U.S. benchmark interest rate decision.
As of 9:20 a.m. today, the KOSPI stood at 6,636.01, up 8.75 points (0.13%) from the previous session.
The index opened down 16.02 points (0.24%) at 6,611.24, fluctuated within a flat range, and then turned to a slight upward trend.
Previously, the index had fallen for four consecutive sessions up until yesterday.
In the current KOSPI market, retail investors are net buyers of 212 billion won, and other corporate bodies are also net buyers of 73.6 billion won.
On the other hand, foreign investors and institutions are net sellers of 270 billion won and 15.8 billion won, respectively.
Foreigners have been on a selling streak for six straight sessions up to today.
In the KOSPI 200 futures market, foreign investors are also net sellers of 35.1 billion won.
Overnight, Wall Street saw its three major indices close lower across the board as pressures from oil prices and interest rates persisted.
The Dow Jones Industrial Average fell 0.63%, while the S&P 500 and the Nasdaq Composite dropped 0.45% and 0.78%, respectively.
This came as upward pressure on oil prices intensified after Saudi Arabia's East-West pipeline was shut down following a strike by Yemen's Houthi rebels, crude loading operations were suspended at the Red Sea Yanbu terminal, and operations at three oil fields in Libya were also halted.
As a result, Brent crude futures for November delivery finished up 2.90% at $108.75 a barrel, and West Texas Intermediate (WTI) crude for October delivery ended up 4.38% at $105.83 a barrel.
The yield on the 10-year U.S. Treasury note also briefly spiked to 5.041%, reaching its highest level since July 2007.
However, tech stocks gained ground as bargain hunting flowed in.
With NVIDIA (0.57%) and Micron Technology (0.39%) advancing, the Philadelphia Semiconductor Index rose 0.40%.
The domestic stock market today is exhibiting a wait-and-see stance amid a tug-of-war between perceptions of excessive declines due to successive drops, macroeconomic environments, and caution surrounding the U.S. policy rate decision.
In particular, markets are on edge ahead of the U.S. Federal Open Market Committee (FOMC) benchmark interest rate decision slated for the early hours of the 17th, Korea time.
According to the Chicago Mercantile Exchange (CME) FedWatch tool, the rate futures market has raised the probability of the Fed raising the benchmark interest rate by 0.25 percentage points in September to 94.5%.
Han Ji-young, a researcher at Kiheon Securities, explained, "Despite the perception of excessive declines caused by continuous adjustments during the week, the market will show a cautious stance where the momentum for a stock market rebound is limited by pressures from U.S. 10-year yields and rising oil prices stemming from macroeconomic uncertainties."
Among large-cap stocks, semiconductor shares such as Samsung Electronics (0.10%) and SK hynix (0.95%) are trading higher, alongside LG Energy Solution (1.92%), Hanwha Aerospace (0.94%), and Celltrion (0.14%).
Conversely, shares like SK Square (-0.10%), Hyundai Motor (-1.23%), Samsung Biologics (-0.64%), Doosan Enerbility (-1.62%), and HD Hyundai Heavy Industries (-0.66%) are on the decline.
By sector, IT services (-1.04%), transportation & warehousing (-0.70%), and machinery & equipment (-1.00%) are dropping, while electrical & electronics (0.34%) and distribution (0.36%) are posting gains.
At the same time, the KOSDAQ index was down 6.02 points (0.74%) at 806.39.
The index had rebounded to an upward trend the previous day after three sessions, but turned downward again in just a day.
The KOSDAQ index opened down 4.04 points (0.50%) at 808.37 and is slightly widening its losses.
Foreigners and institutions are net sellers of 57.2 billion won and 5.9 billion won, respectively, while retail investors are net buyers of 63.9 billion won.
Among market heavyweights, Alteogen (-1.92%), EcoPro (-0.83%), EcoPro BM (-1.03%), Jusung Engineering (-0.78%), and Rainbow Robotics (-1.73%) are retreating.
Meanwhile, HPSP (0.58%), Daehan Optical Cable (5.45%), and Medytox (0.68%) are rising.
(Photo: Yonhap News)
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