Kospi slips below 7,000 after holiday open; Kosdaq gains about 2%
Version 2: Fresh mid-morning data showed the Kospi slipping below 7,000 and the Kosdaq widening its gain to about 2%, with new detail on Samsung Electronics' buyback and third-quarter results timing and a reported drop in SK Hynix shares.
In short
South Korea's Kospi opened at 7,044.67 on Oct. 6, up 40.93 points (0.58%), the first session after the Gaecheonjeol holiday, and the Kosdaq opened at 902.16, up 8.87 points (0.99%). The Kospi gave back the gain within minutes and was at 6,988.18, down 0.22%, by 10:00, while the Kosdaq widened its rise to 912.84, up 2.19%. The Korean open followed a record close on the Nasdaq, where AI-related shares led gains, and rising US Treasury yields.
Read the full story 2 min read
South Korean shares opened higher on Tuesday, Oct. 6, the first trading session after the Gaecheonjeol holiday, according to opening reports from several outlets. The Kospi opened at 7,044.67, up 40.93 points or 0.58%, while the Kosdaq opened at 902.16, up 8.87 points or 0.99%. Yonhap described the Kospi's start as mildly firm. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 ]
The Kospi's gain did not hold. Newsis reported the index at 6,998.67 at 09:05, down 5.07 points (0.07%), after turning slightly negative within about five minutes of the open; the same report put the Kosdaq at 907.77, up 14.48 points (1.62%). The Chosun Ilbo reported at 09:06 that the Kospi was at 6,996.41, down 7.33 points (0.1%), saying intraday selling had emerged and the index was searching for direction. [ 10 , 11 ]
By mid-morning the Kospi remained around the 7,000 mark. Yonhap reported at 09:46 that the index was trading either side of 7,000 in early trade while the Kosdaq was up about 2%. CBS NoCut News reported that at 10:00 the Kospi was at 6,988.18, down 0.22% from the previous session, and the Kosdaq at 912.84, up 2.19%, having opened 0.99% higher. [ 11 , 12 , 13 ]
The Korean open followed gains in New York the previous day. Newsis reported the Dow Jones Industrial Average closed up 90.94 points (0.18%) at 51,267.90, the S&P 500 up 51.23 points (0.66%) at 7,773.95, and the Nasdaq up 286.45 points (1.05%) at 27,477.31, a record high, with artificial intelligence-related shares leading. CBS NoCut News reported Nvidia closed at a record high and listed Meta Platforms up 1.90%, Microsoft up 1.48% and Tesla up 2.20%. Newsis said the US 10-year Treasury yield rose more than 3 basis points to 5.311% and the 30-year to 5.664%. Newsis also reported semiconductor shares as mixed: Nvidia up 2.12% and Broadcom 2.08%, Seagate 4.49% and Western Digital 6.34%, while Micron fell 1.02%, SK Hynix's US ADR slipped 0.06% and SanDisk fell 0.92%, which it linked to high bond yields and data-centre construction delays caused by power shortages. [ 11 , 13 ]
CBS NoCut News reported that Samsung Electronics rose 0.18% ahead of its preliminary third-quarter results this week, and said the company disclosed it had bought back about 14.7 trillion won of its own shares through Oct. 2, leaving roughly 300 billion won of a planned 15 trillion won programme, which the report said could be completed that day. The same report said SK Hynix fell 20.6%. Han Ji-young, a researcher at Kiwoom Securities, said the Kospi this week would be affected by US market moves during the holiday, the September FOMC minutes, the direction of the US 10-year yield and Samsung Electronics' preliminary third-quarter results. [ 13 ]
Why it matters
The session is the Korean market's first reading on sentiment after the holiday and follows a record close on the Nasdaq led by AI-related shares. The Kospi's retreat from its opening level while the Kosdaq extended gains shows investors weighing that overseas strength against rising US Treasury yields, as Newsis reported. Coverage covers only the opening and first hour, so where the indices settle is not yet established.
Key facts
- The Kospi opened at 7,044.67, up 40.93 points (0.58%). [ 1 , 4 , 5 , 7 , 9 , 10 , 11 , 13 ]
- The Kosdaq opened at 902.16, up 8.87 points (0.99%). [ 2 , 3 , 6 , 8 , 13 ]
- At 09:05 the Kospi was at 6,998.67, down 5.07 points (0.07%), and the Kosdaq at 907.77, up 14.48 points (1.62%). [ 11 ]
- At 10:00 the Kospi was at 6,988.18, down 0.22%, and the Kosdaq at 912.84, up 2.19%. [ 13 ]
- Oct. 6 was the first trading day after the Gaecheonjeol holiday. [ 9 , 11 , 12 , 13 ]
- The Nasdaq closed at a record 27,477.31, up 1.05%, with AI-related shares leading. [ 11 ]
- The US 10-year Treasury yield rose more than 3bp to 5.311% and the 30-year to 5.664%. [ 11 ]
- Samsung Electronics rose 0.18% and disclosed buying back about 14.7 trillion won of its own shares through Oct. 2, of a planned 15 trillion won. [ 13 ]
Confirmed by several sources
- The Kospi opened at 7,044.67, up 40.93 points (0.58%). [ 1 , 4 , 5 , 7 , 9 , 10 , 11 , 13 ]
- The Kosdaq opened at 902.16, up 8.87 points (0.99%). [ 2 , 3 , 6 , 8 , 13 ]
- The Kospi gave back its opening gain within minutes and traded around the 7,000 level. [ 10 , 11 , 12 , 13 ]
- Oct. 6 was the first trading day after the Gaecheonjeol holiday. [ 9 , 11 , 12 , 13 ]
- The Kosdaq's gain widened to about 2% while the Kospi hovered around 7,000. [ 12 , 13 ]
Still unclear
- Where the Kospi and Kosdaq ended the session. The documents cover only the opening and the first hour of trading; no closing levels are given.
- The direction of foreign and institutional investor flows in the Kospi. The Chosun Ilbo summary refers to foreign and institutional investors but is cut off before any figure or direction is stated.
- SK Hynix's reported 20.6% decline. Single-source claim from CBS NoCut News; Newsis separately reported SK Hynix's US ADR fell 0.06%.
- Samsung Electronics' buyback totals and the date it may finish. Single-source detail from CBS NoCut News; the other documents do not mention the buyback.
What local media are saying
Timeline, local time
- Opening reports: the Kospi opened at 7,044.67, up 40.93 points (0.58%), and the Kosdaq opened at 902.16, up 8.87 points (0.99%). [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 ]
- The Kospi traded at 6,998.67, down 5.07 points (0.07%), while the Kosdaq was at 907.77, up 14.48 points (1.62%). [ 11 ]
- The Kospi traded at 6,996.41, down 7.33 points (0.1%), with intraday selling reported as the index searched for direction. [ 10 ]
- Yonhap reported the Kospi trading either side of 7,000 in early trade and the Kosdaq up about 2%. [ 12 ]
- The Kospi was at 6,988.18, down 0.22%, and the Kosdaq at 912.84, up 2.19%. [ 13 ]