[Opening Market] KOSPI Falls More Than 2% Right After Open
The domestic stock market is showing an unstable trend on Oct. 20, starting lower despite the news of a rebound in some technology stocks in the United States New York stock market overnight.The KOSPI index started lower at 5,733.57 on this day, down 34.44 points (0.60%) from the previous trading da
On October 20, the domestic KOSPI stock market experienced a sharp decline right after the opening bell, dropping more than 2% from the previous trading day. This came despite some positive news from the United States technology stocks overnight. The KOSPI index opened at 5,733.57, falling by 34.44 points (0.60%) and continuing to fall to 5,648.50 and 5,640.32 within the first two hours of trading.
The decline was attributed to selling pressure from foreigners and institutions, who recorded a combined net sales of approximately 370 billion won at 10:00 a.m. Individual investors, however, responded by buying at low prices, netting a purchase of approximately 370 billion won. The decline was also felt in the KOSDAQ index, which opened at 805.37, down 3.55 points (0.44%) from the previous day.
Major domestic semiconductor stocks, such as Samsung Electronics and SK hynix, were among the weakest performers, with their declines exacerbating the overall downward trend. The weakening of the Korean won to the US dollar, driven by geopolitical tensions, higher interest rates, and stronger US Treasury yields, added to market uncertainty.
Investors were advised to focus on short-term risk management while monitoring foreigner selling trends and the exchange rate situation.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
