"Even the once-famous '300,000-Samsung Electronics and 2 million-SK hynix' levels were broken" ... KOSPI closes in the 7,700 range [fn closing market report]

[Financial News] KOSPI reversed course and plunged back into the 7,700 range just one day after reclaiming the 8,000 level. The decline reflected rising military tensions between the U.S. and Iran, along with growing concerns that higher oil prices could fuel inflation.
According to the Korea Exchange (KRX) on the 10th, KOSPI closed at 7,730.82, down 366.11 points, or 4.52%, from the previous session. It opened at 7,899.77, down 2.43% from the prior close, and widened its losses as the day went on.
As KOSPI tumbled in the afternoon, a program trading sell-order sidecar was briefly triggered. At one point during the session, it fell as much as 6.86% to 7,541.11, coming under pressure near the 7,500 mark.
In the main board market, foreigners and institutions posted net sales of 2.7748 trillion won and 2.267 trillion won, respectively, deepening the decline. Retail investors, meanwhile, bought a net 4.864 trillion won.
Most large-cap stocks fell. Samsung Electronics and SK hynix, in particular, dropped intraday to 295,250 won and 1,992,000 won, respectively. SK Square (-5.75%), Samsung Electro-Mechanics (-9.09%), Hyundai Motor Company (-6.10%), and LG Energy Solution (-3.15%) also weakened. HD Hyundai Heavy Industries (4.74%) and Hanwha Aerospace (0.98%) rose, citing heightened tensions in the Middle East.
By sector, IT services (-6.54%), electrical and electronics (-6.22%), insurance (-5.36%), manufacturing (-5.06%), and finance (-2.76%) were weak. Real estate (3.87%), construction (3.17%), textiles and apparel (2.86%), metals (1.11%), and electricity and gas (1.08%) showed strength.
Market concerns over inflation have intensified as tensions in the Middle East have flared up again. On the 9th local time, CENTCOM announced that it had launched strikes in self-defense after Iran recently carried out a drone attack on its Apache helicopter. As a result, caution is mounting ahead of the May U.S. CPI release, which is due soon.
KOSDAQ closed at 951.63, down 16.18 points, or 1.67%, from the previous session. It opened at 958.58, down 9.23 points, or 0.95%, from the prior day, and later attempted to turn higher but remained weak.
On KOSDAQ, institutions and foreigners posted net sales of 110.4 billion won and 8.7 billion won, respectively. Retail investors recorded net purchases of 116.9 billion won.

yimsh0214@fnnews.com Lim Sang-hyeok Reporter