[Closing Market] KOSPI Slips Near 6,870 Amid Massive Foreign Selling
On Sept. 29, the domestic stock market closed with a downward trend, taking a direct hit from global unfavorable factors such as the surge in U.S. Treasury yields and the rise in international oil prices. Although volatility expanded to the point where the 6,800 mark was threatened during intraday t
On September 29, the South Korean KOSPI stock market closed lower, sliding near 6,870 points after facing pressure from global factors such as rising U.S. Treasury yields and higher international oil prices. While volatility increased, threatening the 6,800 level during trading, the index closed slightly lower, thanks to buying trends from individuals and institutions, as well as strong performance from top market-cap stocks.
The KOSPI finished at 6,870.81, down 18.93 points (-0.27%) from the previous day. The index began at 6,844.41, a 0.66% decline from the prior session. During intraday trading, it plummeted to 6,782.99 before rebounding, as buying trends from retail investors flowed in. The principal driver of the market's decline was instability in interest rates from the U.S., with the 10-year Treasury yield hitting the 5.2% range and WTI crude oil prices surpassing $93 per barrel.
This led to concerns over sustained high interest rates and oil prices, which dampened market sentiment. This decline mirrored a similar pattern in other major stock indices, including the NASDAQ, which fell 0.92%. The KOSDAQ index also closed slightly lower, at 849.80, up 3.22 points (0.38%). Foreign investors sold 2.9 trillion won worth of securities, while domestic investors counteracted the decline by buying 1.1432 trillion won and 1.0211 trillion won, respectively.
Despite some mixed moves, foreign investors ultimately sold more than 1,000 contracts in the futures market, while domestic individuals and institutions absorbed the selling pressure and helped stabilize the market.
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