KOSPI Composite Index Reverses After Surpassing 7,500 for the First Time Ever... Foreign Investors Unload 3 Trillion Won in Shares [The Financial News Morning Market Report]

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\r\n[The Financial News] The KOSPI Composite Index briefly broke above 7,500 in early trading on the 7th for the first time ever, but reversed course about 20 minutes after the market opened and fell back to the 7,300 level. Foreign investors erased the index's gains with a massive 3.5 trillion won sell-off.
As of 10:40 a.m. that day, the KOSPI Composite Index was down 0.55% from the previous session at 7,343.72. It opened 1.55% higher at 7,499.07 and then climbed as much as 2.00% to 7,531.88 after once again topping the previous day's intraday record high of 7,426.60.
However, it turned lower around 9:20 a.m. Foreign investors began taking profits on a large scale as the index crossed the 7,500 mark for the first time.
In the main bourse, foreigners were net sellers of 385.64 billion won. In contrast, retail investors and institutions were net buyers of 374.48 billion won and 101.5 billion won, respectively, helping to support the market.
Overnight, all three major indexes on the NYSE rose after reports that a ceasefire agreement between the United States and Iran was imminent. The S&P 500 Index and the NASDAQ Composite Index each gained 1.46% and 2.02%, respectively, to hit record highs. The DJIA also rose 1.24% to close at 49,910.59. The SOX jumped 4.48%, extending its recent rally.
Still, the domestic market is failing to withstand foreign selling pressure despite hopes for a ceasefire deal. Among the large-cap stocks, major semiconductor names that hit all-time highs early in the session later turned lower together. Samsung Electronics Co., Ltd. rose to as high as 277,000 won in early trading, breaking its previous record high again, but quickly reversed. SK hynix also climbed to 1,648,000 won, setting a new all-time high before pulling back.
Brokerage stocks, which had surged the previous day in step with the 'KOSPI 7,000 era,' are also falling. Mirae Asset Securities (-7.52%), KIWOOM Securities Co., Ltd. (-5.26%), and NH Investment & Securities (-3.77%) are all down. On the other hand, Doosan Enerbility (7.01%), Korean Air (6.92%), and HD Hyundai Heavy Industries (6.17%) are rising.
By sector, general services (4.62%), transportation and warehousing (3.99%), and construction (3.45%) are advancing. Meanwhile, securities (-5.70%), metals (-2.32%), and chemicals (-1.25%) are declining.
At the same time, the KOSDAQ was down 0.54% from the previous session at 1,203.64. It opened 0.05% higher at 1,210.83 and has been fluctuating throughout the session.
In the KOSDAQ market, foreigners and institutions are net buyers of 159 billion won and 85.5 billion won, respectively. Retail investors are net sellers by 222.4 billion won.
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elikim@fnnews.com Kim Mi-hee Reporter