[Opening Market] KOSPI, KOSDAQ Open Sharply Lower on Tech Rout
On the morning of Nov. 3, the domestic stock market opened lower, facing the harsh external headwinds of the tech stock slump in the New York stock market and growing skepticism over artificial intelligence (AI) infrastructure investments. The KOSPI, which had rebounded and recovered the 5,850 mark
On November 3rd, the domestic stock markets, the KOSPI and KOSDAQ, opened sharply lower due to a tech stock rout in New York and rising doubts about artificial intelligence investments. The KOSPI, which had climbed to the 5,850 mark the previous day thanks to significant institutional buying, was now plummeting. It dropped to 5,647.29 by early trading, a 143.89-point (2.46%) decline from the previous session.
The KOSDAQ, too, could not evade the downward trend, opening at 723.92 and sliding to 702.48, a 10.44-point (1.42%) drop from the prior day. The KOSDAQ market was struggling as foreign investors and institutions continued to sell off their shares. Foreign investors, concerned about global capital risk management and the United States semiconductor sector's weakness, were aggressively dumping hundreds of billions of won worth of shares in the KOSPI market at the start of trading.
While some sections of the futures market showed a possible balance between supply and demand, the overall spot selling stance was weakening the market's fundamental strength. Although institutional investors, who had bought over 1 trillion won in the previous session, were now selling profit-taking and risk-averse volumes, the net buying from individual investors was insufficient to counteract the strong selling pressure from foreign entities.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
