The Kosdaq opened higher Tuesday but reversed course under combined selling pressure from foreign and institutional investors, sliding back to the 730s. The Kospi was searching for direction around the 6,500 level in early trade.
Although bargain hunting in select technology stocks followed a rebound in US semiconductor shares, escalating US-Iran tensions and rising global oil prices weighed on investor sentiment, dragging down large-cap names in particular.
According to Korea Exchange, the Kosdaq opened up 0.43 points, or 0.06 percent, at 750.07 compared with the previous session before turning lower. As of around 9:10 a.m., the index was down 17.76 points, or 2.37 percent, at 731.88.
Foreign and institutional investors are leading the decline. Retail investors posted net purchases of 31.1 billion won ($21 million), while foreign and institutional investors recorded net selling of 26.9 billion won and 5.9 billion won, respectively.
Among large-cap Kosdaq stocks, Alteogen fell 3.53 percent, Ecopro BM dropped 2.21 percent, Ecopro slid 2.18 percent and Jusung Engineering declined 2.26 percent, while HLB gained 0.16 percent, Padu rose 4.19 percent and Simtec advanced 0.20 percent.
Despite a positive session on Wall Street, the Kosdaq showed little sign of a rebound. Overnight buying in technology stocks lifted Nvidia 0.23 percent and Micron Technology 1.94 percent, helping the Philadelphia Semiconductor Index rise 0.60 percent — its first gain in four sessions.
Heightened geopolitical anxiety from the intensifying US-Iran standoff is also weighing on the broader market.
US President Donald Trump raised tensions further by warning on Truth Social that Iran would "pay many times over" for every American soldier killed. A maritime blockade of Saudi Arabia declared by Yemen's Iran-backed Houthi rebels is also pushing up global oil prices, adding another downside factor for equities.
The Kospi, meanwhile, has halted its recent sharp losses and is searching for direction. As of the same time, the Kospi was down 54.59 points, or 0.84 percent, at 6,461.68. The index had opened up 37.61 points, or 0.58 percent, at 6,553.88 before swinging back and forth around the 6,500 level.
On the Kospi, retail investors posted net purchases of 210.7 billion won, while institutional and foreign investors recorded net selling of 21.1 billion won and 14.3 billion won, respectively.
The Kospi is navigating a mix of upside and downside factors as it seeks direction. Among top-cap stocks, Samsung Electronics gained 1.02 percent and Samsung Biologics rose 1.49 percent, while SK Hynix fell 0.62 percent, SK Square dropped 0.85 percent, Samsung Electro-Mechanics declined 0.94 percent and Hyundai Motor slid 3.51 percent.
th5@heraldcorp.com
