[Closing Market] KOSPI Falls Below 7,000 as Tech Stocks Slump
Opening after the Chuseok holiday on Monday, Sept. 28, the domestic financial market faced severe downward pressure as concerns over the prolonged global high-interest-rate stance and the shock wave of the plunge in U.S. tech stocks hit all at once. Swept away by a joint selling storm of the 3 trill
On September 28, the Korean financial market opened after the Chuseok holiday, facing significant downward pressure due to concerns over sustained global high interest rates and the shock from a drop in U.S. tech stocks. The KOSPI index, which began at 7,057.86, fell below the 7,000 mark within a day, closing at 6,889.74, a decline of 2.70%.
The exchange rate of the won to the dollar also surged to mid-1,360 won range, driven by strong dollar and capital fleeing the stock market. Foreigners and institutions led the selling storm, dumping 3 trillion won worth of stocks, while retail investors defended the market single-handedly, purchasing 3 trillion won worth of stocks to stabilize the market.
The semiconductor sector, particularly Samsung Electronics and SK hynix, suffered heavy losses, with both stocks plunging over 5% due to concerns over delayed AI data center expansion and the U.S. tech stock plunge. The strong dollar, supported by expectations for potential Fed rate cut adjustments and rising U.S. Treasury yields, also contributed to the market's decline.
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