[Opening Market] KOSPI Plunges Below 5,000 As Foreign Selling Intensifies
On the morning of Nov. 6, the South Korean financial market was swept into extreme panic, battered by an immense cold wave from mega-cap technology stocks originating in the New York stock market. Overnight, news broke that the NASDAQ index plummeted by 5.52% and major semiconductor tech stocks ente
On November 6, South Korea's KOSPI stock index fell below 5,000 points due to intensified foreign selling and panic triggered by declines in global tech stocks. The index opened at 5,263.26 points, down 120.54 points (-2.24%) from the previous day's close. Within minutes, the index dropped below 5,000 points, reaching a low of 4,911.28 points (-8.78%) during trading.
The KOSDAQ market also opened lower, with a 0.20% decline from the previous day's close. Foreign investors, led by major semiconductor stocks like Samsung Electronics and SK hynix, were responsible for the majority of selling pressure. Retail and institutional investors attempted to counteract the decline, but the foreign selling power was overwhelming.
The KOSDAQ market faced simultaneous sell sidecar suspensions and circuit breakers, indicating extreme volatility.
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