KOSPI pares early losses on retail buying, hovers near 5,460

[The Financial News] The KOSPI, which opened with a decline of more than 3%, is trimming its losses on the back of strong retail buying.
According to the Korea Exchange, as of 10:02 a.m. on the 13th, the KOSPI was trading at 5,481.87, down 101.38 points (1.82%) from the previous day. The index had started the session at 5,412.39, a drop of 3.06% from the prior close.
In the Stock Market Division of the Korea Exchange, individual investors are net buyers of 1.4556 trillion won, while foreign investors and institutions are net sellers of 805.3 billion won and 631.7 billion won, respectively.
By sector, construction is strong, up 6.19%, along with electricity and gas at 1.61% and entertainment and culture at 1.23%. In contrast, electronics are down 2.79%, manufacturing 2.27%, and chemicals 2.39%.
Among large-cap stocks by market capitalization, Korea Electric Power Corporation (KEPCO) is up 2.42%, Hyosung Heavy Industries 2.19%, and Doosan Enerbility 1.93%. On the downside, LG Energy Solution is down 4.30%, SK Square 3.97%, and Kia 3.35%.
Major semiconductor stocks are also falling. Samsung Electronics is down 2.82% from the previous day, while SK hynix is losing 3.01%.
At the same time, KOSDAQ (Korean Securities Dealers Automated Quotations) is trading at 1,143.04, down 5.65 points (0.47%) from the previous session. Individuals and institutions are buying 86.2 billion won and 84.0 billion won, respectively, while foreign investors are selling 157.1 billion won.
The decline in the domestic stock market is seen as being influenced by hard-line messages from the Islamic Republic of Iran and concerns over potential defaults in the US private credit market.
On the 12th (local time), Mojtaba Hosseini Khamenei, elected as the new supreme leader of Iran, delivered a hard-line message, warning that the Strait of Hormuz could be used as a means of pressure by blocking it.

koreanbae@fnnews.com Bae Han-geul Reporter