[Opening Market] KOSPI Hovers Around 7,000 as KOSDAQ Reclaims 900 Despite Nasdaq Record
A record-setting rally on the Nasdaq offered a tailwind to domestic markets on Oct. 6, but the KOSPI struggled to hold the 7,000 level as selling pressure emerged intraday. On the first trading day after the National Foundation Day substitute holiday, the domestic stock market absorbed two opposing
On October 6, the Nasdaq's record-setting rally provided a boost to domestic markets, but the KOSPI struggled to stay at the 7,000 level amid selling pressure. The KOSPI opened at 7,044.67, up 0.58% from the previous session, but fell to 6,996.41 by 9:06 a.m., a 7.33-point or 0.1% decline. Foreign and institutional investors sold 105.7 billion won ($78.59 million) and 3.6 billion won, respectively, while individual investors and other corporations were net buyers.
The Nasdaq Composite Index reached a new all-time high of 27,477.31, closing 1.05% higher, with Nvidia and other major tech stocks surging. However, the U.S. 10-year Treasury yield, at 5.34%, surged to its highest level since 2002, weighing on markets due to concerns of persistent inflation. The KOSDAQ, on the other hand, reclaimed the 900 level for the first time in about three months, driven by the biotech sector.
HLB rose over 19% after the FDA approved its rivoceranib manufacturing facility, and other top-cap biotech stocks also gained. Market experts are closely watching Samsung Electronics' third-quarter earnings, which could influence foreign investor sentiment and the direction of the domestic market. Samsung Electronics traded slightly positive, while SK hynix slipped more than 1%.
The Korean won slid against the dollar, trading in the 1,340-won range, as the U.S. dollar strengthened on rising Treasury yields, but dollar sales by major exporters helped limit further won weakness. Oil prices dropped to around $89 per barrel for WTI after a G7 strategic petroleum reserve release and an increase in Middle East crude exports.
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