KOSPI opens down 1.11% at 6,864.25; KOSDAQ falls 0.27%
In short
South Korea’s KOSPI opened 77.14 points, or 1.11%, lower at 6,864.25 on 7 October, while the KOSDAQ opened down 2.47 points, or 0.27%, at 917.45. The benchmark index rebounded to 6,944.83 by 09:25 as individual investors bought, then fell back to 6,877.60 by 11:33 as foreign and institutional investors sold. Markets were watching Samsung Electronics’ third-quarter preliminary results, due on 8 October.
Read the full story 2 min read
South Korea’s benchmark KOSPI opened at 6,864.25 on 7 October, down 77.14 points, or 1.11%, from the previous close, while the KOSDAQ opened 2.47 points, or 0.27%, lower at 917.45, according to the opening figures published by Korean outlets. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 ]
The KOSPI recovered quickly. Newsis reported that at 09:25 the index was up 3.44 points (0.05%) at 6,944.83, having climbed back above 6,900 shortly after the open. At that time, individual investors were net buyers of 813.6 billion won, while foreign investors and institutions were net sellers of 612 billion won and 247.6 billion won respectively, Newsis said. [ 11 ]
The rebound did not hold. The Seoul Shinmun reported the KOSPI around 6,880 at 09:16 with foreign and institutional selling, and by 11:33 the Chosun Ilbo put the index at 6,877.60, down 63.79 points or 0.92% on the day, with foreign and institutional selling continuing and the KOSDAQ more than 1% lower. [ 9 , 12 ]
Overnight, US markets closed at record highs on semiconductor strength, Newsis said: the S&P 500 rose 0.58% and the Nasdaq Composite 0.45%, with Marvell Technology up 5.8%, Advanced Micro Devices up 2.8% and Broadcom up 3.67%. US 10-year Treasury yields fell 3 basis points to 5.281%, and December Brent crude closed 0.26% higher at $100.58 a barrel after G7 countries agreed to release strategic oil reserves, the report said. [ 11 ]
Investors were watching Samsung Electronics’ preliminary third-quarter results, due on 8 October. The Korea Economic Daily attributed the weak open partly to caution ahead of the announcement. Newsis, citing the financial data provider FnGuide, said the consensus operating profit forecast was about 106 trillion won, which would be the company’s first quarterly operating profit above 100 trillion won. Samsung Electronics opened 0.92% lower but traded up 2.30% at 278,500 won, while SK Hynix opened down 2.54% and traded 0.11% lower at 1,771,000 won, Newsis reported. [ 10 , 11 ]
Why it matters
The session shows foreign and institutional selling in Korean large-caps being met by retail buying, leaving the index swinging between losses and gains. Attention is fixed on Samsung Electronics’ third-quarter figures, with consensus forecasts pointing to the company’s first quarterly operating profit above 100 trillion won.
Key facts
- The KOSPI opened at 6,864.25, down 77.14 points or 1.11% from the previous close. [ 1 , 2 , 4 , 5 , 6 , 8 ]
- The KOSDAQ opened at 917.45, down 2.47 points or 0.27%. [ 3 , 5 , 7 ]
- At 09:25 the KOSPI had turned up 3.44 points (0.05%) to 6,944.83. [ 11 ]
- At 09:25 individuals were net buyers of 813.6 billion won, while foreigners and institutions were net sellers of 612 billion won and 247.6 billion won respectively. [ 11 ]
- By 11:33 the KOSPI was down 63.79 points (0.92%) at 6,877.60 and the KOSDAQ was more than 1% lower. [ 12 ]
- Samsung Electronics is due to publish preliminary third-quarter results on 8 October; FnGuide consensus puts operating profit at about 106 trillion won. [ 11 ]
- Samsung Electronics opened 0.92% lower but traded up 2.30% at 278,500 won, while SK Hynix opened down 2.54% and traded 0.11% lower at 1,771,000 won. [ 11 ]
Confirmed by several sources
Still unclear
- Why the KOSPI opened lower. The Korea Economic Daily attributed the weak open to caution ahead of Samsung Electronics’ results, and Newsis noted overnight US gains; no document gives an official explanation, and the attributions are single-source.
- Where the KOSPI finished the session. Reports describe different points in the morning: a rebound to 6,944.83 at 09:25 and a fall to 6,877.60 at 11:33; no document gives a closing level.
What local media are saying
Timeline, local time
- The KOSPI opened at 6,864.25, down 77.14 points or 1.11%. [ 1 , 2 , 4 , 5 , 6 , 8 ]
- The KOSDAQ opened at 917.45, down 2.47 points or 0.27%. [ 3 , 7 ]
- The KOSPI traded around 6,880 after opening lower, with foreign and institutional selling. [ 9 ]
- The KOSPI was up 3.44 points (0.05%) at 6,944.83 as individuals bought. [ 11 ]
- The KOSPI was down 63.79 points (0.92%) at 6,877.60, and the KOSDAQ was more than 1% lower. [ 12 ]