[Edaily Reporter Park Sun-Yeop ] The KOSPI fell below the 9,000 mark in early trading amid simultaneous selling by foreign and institutional investors. While the New York stock market closed mixed overnight due to weakness in Big Tech stocks, the domestic market is showing increased volatility in supply and demand, centered on the battle for the top market capitalization spot between SamsungElectronics and SK hynix.
According to MP Doctor on the 23rd, as of 9:22 a.m. today, the KOSPI stood at 8,988.02, down 126.53 points (1.39%) from the previous trading day.
In terms of market participants, foreign investors and institutions are net sellers of 1.8165 trillion won and 205.2 billion won, respectively. In contrast, retail investors are net buyers of 1.9707 trillion won, providing support for the index. Program trading, combining arbitrage and non-arbitrage trades, shows a net selling position of 1.6769 trillion won.

Major U.S. stock indices closed mixed last night. Despite positive news regarding progress in ceasefire negotiations between the U.S. and Iran, the indices saw mixed performance as SpaceX’s plans for a large-scale bond issuance coincided with weakness in Big Tech stocks. In particular, SpaceX—the space company that had recently attracted investor interest with its initial public offering (IPO)—led the decline on the Nasdaq.
The Dow Jones Industrial Average closed at 51,712.71, up 148.01 points (0.29%) from the previous trading day. The S&P 500 index closed at 7,472.79, down 27.79 points (0.37%), while the Nasdaq Composite closed at 26,166.60, down 351.33 points (1.33%).
Analysts expect the domestic stock market to see increased volatility in supply and demand amid mixed external factors. Han Ji-young, an analyst at KIWOOM Securities, said, “‘While the slump in Big Tech stocks—including the U.S. “Magnificent 7” (M7)—and concerns over market interest rate levels are downside risks, the Philadelphia Semiconductor Index’s gain of over 2% and falling oil prices are favorable factors,’” adding, “The domestic stock market is expected to open slightly higher, but with limited upward momentum during the session, supply-and-demand volatility will increase as the battle for the top market capitalization spot intensifies.”
Regarding the competition between SamsungElectronics and SK hynix for the top spot in market capitalization for common stock, some analysts suggest that the nature of the stock price gains should be examined rather than simply focusing on a change in ranking. One analyst explained, “While the battle for the top market capitalization spot is an interesting event in itself, some may express concerns that the stock market is nearing its peak,” adding, “This is because during the dot-com bubble, the market crash followed shortly after Cisco surpassed Microsoft to become the company with the highest market capitalization.”
However, he noted, “There are also counterexamples,” pointing out, “When NVIDIA rose to the top spot in market capitalization in June 2024, there was controversy over valuation concerns, but subsequently, demand for artificial intelligence (AI) and improved earnings supported the stock price.” He added, “Rather than the change in the top market capitalization spot itself, distinguishing between which factor—overheated valuations or improved earnings—is driving the stock price rise is more important for judging the future direction of the KOSPI.”
In the KOSPI market today, large-cap and mid-cap stocks are down 0.73% and 1.36%, respectively. Small-cap stocks are also down 1.03%.
By sector, the market is generally weak. The construction sector is down 3.17%, while IT services and healthcare/precision instruments are down 3.13% and 3.06%, respectively. In contrast, the insurance and financial sectors are up 4.80% and 3.02%, respectively.
Performance among the top market-cap stocks is also mixed. SK hynix(000660)is trading at 2,878,000 won, down 41,000 won (1.40%) from the previous trading day. SamsungElectronics(005930)is trading at 349,000 won, down 4,500 won (1.27%). SKSQUARE(402340)(4.57%), Samsung Life Insurance(032830)(7.21%), and SAMSUNG C&T CORPORATION(028260)(2.69%) are all trading higher. SamsungElectroMechanics(009150)(-4.71%) and HyundaiMotor(005380)(-3.96%) are trading lower.
The KOSDAQ index is also down in early trading. At this time, the KOSDAQ index stands at 945.20, down 23.20 points (2.36%) from the previous trading day.
In the KOSDAQ market, foreign investors are net sellers of 87 billion won worth of shares. Retail investors and institutions are net buyers of 52.4 billion won and 33.7 billion won worth of shares, respectively. Program trading, combining arbitrage and non-arbitrage trades, shows a net selling position of 86.9 billion won.