"Where Did 7,200 Go?" KOSPI Falls to the 6,800 Range as Samsung Electronics and SK hynix Drop [Afternoon Market Update]

[Financial News] The KOSPI, which briefly broke above the 7,200 level in early trading, reversed course and fell into the 6,800 range. Samsung Electronics turned lower, while SK hynix gave back most of its early gains of more than 6%, sending market volatility sharply higher.
According to the Korea Exchange on the 18th, the KOSPI was trading at 6,901.37 as of 12:21 p.m., down 76.57 points, or 1.10%, from the previous session. The index opened at 7,127.77, up 149.83 points, or 2.15%, and surged as high as 7,216.62 during the session. It later erased all of those gains and at one point fell to 6,894.59. The gap between the intraday high and low reached 322 points.
The reversal was driven by Samsung Electronics and SK hynix, which had led the early rally. At the same time, Samsung Electronics was trading at 269,500 won, down 1.82% from the previous session. It had climbed as high as 288,000 won intraday, rising by nearly 3%, but turned lower as selling pressure intensified. SK hynix was trading at 1,669,000 won, up 1.46% from the previous session. Earlier in the day, it had jumped to 1,792,000 won, posting a gain of around 7%, but it too gave back most of that advance.
On the supply and demand side, foreign investors remain aggressive buyers. As of this time, they have posted net purchases of 740.7 billion won on the Korea Exchange Main Board. In contrast, institutions and individual investors have recorded net sales of 516.1 billion won and 168.7 billion won, respectively. Among institutions, the financial investment industry led the selling with 592.4 billion won in net sales, while pension funds also sold a net 42.2 billion won. Despite the large-scale net buying by foreigners, profit-taking by individuals and institutions has weighed on the index.
Market sentiment is weaker than the index suggests. On the Korea Exchange Main Board, only 179 stocks are rising, while 715 are falling. Large-cap stocks are down 1.00%, while mid-cap and small-cap stocks are also lower by 2.29% and 1.46%, respectively.
KOSDAQ is also under pressure. As of the same time, the KOSDAQ Index stood at 845.92, down 18.73 points, or 2.17%, from the previous session. It had risen to 872.59 in early trading, but after turning lower, it fell back to near its intraday low.

[email protected] Choi Doo-seon Reporter