KOSPI rebounds more than 1% after five-day plunge, but gains narrow from early trading [fn Morning Market]

[Financial News] The KOSPI is rebounding by more than 1% after falling for five consecutive trading days. However, with foreign investors net selling, its gains have narrowed from early trading. Samsung Electronics and SK hynix are both rising, while the KOSDAQ remains in slightly negative territory.
As of 10 a.m. on the 14th, the KOSPI was trading at 6,116.77, up 81.42 points (1.35%) from the previous trading day, according to the Korea Exchange.
On the main board, individual investors and foreign investors are net selling 146.1 billion won and 90.4 billion won, respectively. Institutions are net buying 93.9 billion won.
By sector, transportation and storage (3.44%), metals (1.97%) and chemicals (1.93%) are among the strongest performers. Medical and precision instruments (-2.34%), food and beverages and tobacco (-0.83%), and machinery and equipment (-0.42%) are among the weakest.
Among the top stocks by market capitalization, Samsung Electronics (1.72%) and SK hynix (1.32%) are both rising. LG Energy Solution (3.17%), Samsung Electro-Mechanics (1.69%) and Hyundai Motor (1.43%) are also strong. Meanwhile, Shinhan Financial Group (-3.41%), Samsung Biologics (-1.08%) and KB Financial Group (-0.68%) are falling.
As of 10 a.m., the KOSDAQ stood at 835.60, down 1.43 points (0.17%) from the previous trading day. Individual investors are net buying 328.4 billion won, while foreign investors and institutions are net selling 259.9 billion won and 72.4 billion won, respectively.
U.S. stocks fell overnight amid concerns that Chinese memory-chip makers are catching up technologically and pressure from rising oil prices. The Dow Jones Industrial Average fell 0.35%, while the S&P 500 and Nasdaq fell 0.02% and 0.15%, respectively. However, long-term Treasury yields’ upward momentum eased following dovish remarks from Federal Reserve officials, and bargain-hunting helped narrow the market’s losses during the session.
Some analysts say bargain hunting after five consecutive trading days of sharp declines could support a rebound in South Korea’s stock market. If the U.S. Consumer Price Index (CPI) for September, due out tonight, meets market expectations, concerns about interest rates could also ease. Others say that for the rebound to continue, confidence in medium- to long-term earnings must recover through results in key sectors such as semiconductors.
Han Ji-young, a researcher at Kiwoom Securities, said, “At current levels, a rebound in the form of a correction after an excessive decline appears likely,” adding, “For the rebound to remain sustained, confidence in medium- to long-term earnings needs to recover.”

[email protected] Jeong-hwa Lee Reporter