[Edaily Reporter Park Jeong-soo] The KOSPI opened lower as geopolitical tensions in the Middle East escalated once again. The U.S. launched airstrikes against Iran in retaliation for the downing of a U.S. Apache attack helicopter overnight, and Iran immediately announced its intention to respond, putting the ceasefire agreement signed between the two countries last April in serious jeopardy.
According to MP Doctor on the 10th, as of 9:09 a.m., the KOSPI is trading at 7,984.20, down 1.39% (112.73 points) from the previous trading day.
Overnight, the New York stock market closed mixed. On the 9th (local time), the Dow Jones Industrial Average closed at 50,872.11 on the New York Stock Exchange, up 0.17% from the previous trading day. In contrast, the S&P 500 index fell 0.26% to 7,386.65, and the Nasdaq Composite Index dropped 0.97% to 25,678.82. The Volatility Index (VIX), which reflects market anxiety, surged during the session to its highest level since April 7.
Han Ji-young, an analyst at Kiwoom Securities, stated, “The U.S. stock market closed mixed amid renewed concerns over a potential U.S.-Iran conflict and caution ahead of the May CPI report.” She added, “The domestic market is expected to continue its volatile trend, with supply and demand battling around the 8,000-point level due to short-term profit-taking following the previous day’s surge of over 8%.”
While foreign investors are selling 317.3 billion won worth of stocks on the KOSPI market, retail and institutional investors are driving the index higher with net buying of 236.5 billion won and 61.8 billion won, respectively. Program trading shows a net sell of 4.7 billion won, combining both arbitrage and non-arbitrage trades.
Declining sectors are in the majority, with insurance down more than 5% and electrical/electronics falling by around 2%. Manufacturing, finance, and retail are also down by more than 1%. On the other hand, transportation equipment/parts and metals are up by around 2%, while textiles/apparel, chemicals, and telecommunications are recording gains of around 1%.
Among the top market cap stocks, declines are also predominant, with #Samsung Life Insurance down by over 4%, and #Samsung C&T, #SK Square, #Samsung Electronics, and #SK Hynix all falling by more than 3%. #Samsung Electro-Mechanics is recording a drop of around 2%. On the other hand, #Hanwha Aerospace is up more than 4%, and #HD Hyundai Heavy Industries is rising by around 3%. Following them, #LG Energy Solution and #Hyundai Mobis are up more than 2%, while #Hyundai Motor is recording a gain of around 1%.
The KOSDAQ market is currently at 977.77, up 1.03% (9.96 points) from the previous trading day. Among the top market cap stocks, gains are prevailing, with #Juseong Engineering surging by over 12%. Following that, #Wonik IPS and #Rainbow Robotics are rising by around 2%.