[Opening Market] KOSPI Sinks Below 6,600 on Foreign, Institutional Selling
On Monday, Aug. 31, the domestic stock market is facing severe downward pressure as it encounters adverse factors, including the aftermath of U.S. Federal Reserve (Fed) Chairman Jerome Powell’s hawkish (preferring monetary contraction) remarks at the Jackson Hole meeting and the crash of tech and se
On Monday, Aug. 31, the KOSPI stock market saw a significant drop below 6,600 points due to a combination of factors including the Federal Reserve's hawkish remarks and a crash in tech and semiconductor stocks. The decline was driven by simultaneous selling from foreigners and institutions, who poured out an estimated 369.0 billion won, while domestic individual investors managed to absorb the sell orders and buy on the dips, netting a buying dominance of over 310.3 billion won.
The top semiconductor stocks, particularly Samsung Electronics and SK hynix, experienced sharp declines of 3% and 3.15% respectively, as fears over the U.S. semiconductor industry and U.S. interest rates took hold. The KOSDAQ index also fell over 2% in early trading, with tech stocks and pharmaceutical/biotech stocks leading the correction.
The won-dollar exchange rate also faced upward pressure, opening at 1,379.5 won, reflecting the strengthening of the dollar and potential adjustments to the pace of the U.S. Federal Reserve's interest rate cuts. Market experts warned of potential volatility and cautioned against interpreting today's stock market crash as an excessive psychological contraction.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
