[Closing Market] KOSPI Plunges 3.5%, Barely Holding 5,700 Level Amid Global Tech Rout
The domestic stock market on Oct. 30 came under extreme downward pressure as amplifying uncertainties over global big tech earnings, concerns over the prolonged monetary tightening by the U.S. Federal Reserve (Fed), and expanding volatility in the foreign exchange market all intertwined. The contrac
On October 30, the South Korean stock market experienced a significant decline as global uncertainties surrounding big tech earnings, Federal Reserve monetary tightening, and increased foreign exchange market volatility took hold. Investor sentiment deteriorated across various asset markets, leading to a widespread selling trend.
The KOSPI index closed at 5,730.74, down 3.48% from the previous day, while the KOSDAQ index finished at 724.38, down 3.83%. The decline was primarily driven by foreign and institutional investors, who collectively sold shares worth over 900 billion won across both indices. Individual investors managed to net purchase 621 billion won in the KOSPI market, but their efforts were insufficient to prevent the index from dropping to 5,599.42 at one point.
Notable declines were seen in semiconductor stocks, with Samsung Electronics and SK hynix suffering heavy losses. Despite the overall downward trend, bio stocks demonstrated relative strength, with Samsung Biologics, Celltrion, and Hanmi Pharm showing gains. The won/dollar exchange rate closed at 1,334.3 won, down 2.5 won from the previous day, as authorities attempted to stabilize the market and handle dollar sales from global stock sales.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
