[Edaily Reporter Hyera Lee ] The domestic stock market closed down more than 5%. During the trading session, sell-side circuit breakers were triggered one after another in both markets.

According to MP Doctor on the 8th, the KOSPI closed at 7,246.79, down 409.52 points (5.35%) from the previous trading day. The KOSPI fell below the 7,300 mark, losing the 400-point level on the day. This marks the first time the KOSPI has fallen below the 7,300 level since May 20.
The KOSPI opened sharply lower, down more than 3%, on the day. In the morning, the index briefly turned positive as SamsungElectronics and SK hynix moved into positive territory. However, starting at 10:30 a.m., the index turned negative again and remained in negative territory for the rest of the session.
Following the triggering of the sixth KOSPI circuit breaker of the year the previous day, a sell-side sidecar was triggered again at 1:31 p.m. So far this year, the KOSPI market has triggered the “side car” mechanism 33 times. Of these, the sell-side “side car” has been triggered 17 times. The sell-side “side car” is triggered when the price of the futures contract with the highest trading volume on the previous trading day (the nearest month’s contract) among those based on the KOSPI 200 index falls by 5% or more and remains at that level for one minute.
About two minutes after the KOSPI side car was triggered, a sell-side side car was triggered in the KOSDAQ market as well. This marks the seventh time this year.
In the KOSPI market, retail investors and institutions recorded net sales of 394.1 billion won and 135.4 billion won, respectively. Foreign investors shifted their net position on the KOSPI for the first time in 14 trading days, showing a net buying position of 474.1 billion won. Program trading showed a net buying position of 904.8 billion won, combining both arbitrage and non-arbitrage trades.
Top-market-cap stocks saw a sharp decline. Among the top 50 stocks by market capitalization, only five rose.
In particular, SamsungElectronics(005930)and SK hynix(000660) saw significant volatility again today. Although both stocks briefly turned positive during the morning session, they fluctuated by 8–11% over the course of the day alone.
Kang Jin-hyuk, an analyst at Shinhan Investment Securities, noted, “It appears that the decline in semiconductor stocks on the New York Stock Exchange overnight, coupled with investors’ desire to sell due to volatility fatigue and the resurgence of conflict in the Middle East, had an impact.”
Following a report released the previous day by global investment bank Morgan Stanley that sparked negative investor sentiment toward domestic semiconductor stocks, it was reported that UBS Group’s Sales & Trading Desk stated in a client note today, “Since SK hynix’s new ADRs are likely to trade at a premium, investors should buy SK hynix ADRs and sell its shares listed in Korea.”
In addition, stocks ranked among the top 10 by market capitalization— SKSQUARE(402340), SamsungElectroMechanics(009150), HyundaiMotor(005380), LG Energy Solution(373220), Samsung Life Insurance(032830), SAMSUNG C&T CORPORATION(028260), SAMSUNG BIOLOGICS(207940), and KB Financial Group(105560) —all fell across the board.
On the KOSPI market, 128 stocks rose—including three that hit their daily upper price limit—while 765 fell and 22 remained unchanged.
The KOSDAQ index also closed at 785.00 points, down 46.23 points (5.56%) from the previous session.
The KOSDAQ index opened down more than 2% today and extended its losses during the session, falling below the 800-point mark around 11:02 a.m. This marks the first time the index has fallen below the 800-point level in about 10 months, since September 4 of last year. The KOSDAQ index extended its losses further in the afternoon session, falling below the 790-point level as well.
In the KOSDAQ market, retail investors and institutional investors sold 196.2 billion won and 137.6 billion won worth of stocks, respectively. Foreign investors were recorded as having bought 335.6 billion won worth of stocks.
In the KOSDAQ market as well, the top-market-cap stocks failed to gain traction. Among the top 50 KOSDAQ-listed companies, only one— GigaVis Co., Ltd.(420770) —posted a gain.
In the KOSDAQ market, 250 stocks rose—including four that hit the daily upper limit—while 1,446 fell—including one that hit the daily lower limit—and 48 remained unchanged.
The top-performing sectors across both markets were stationery, electronics, display panels, and shipping companies, in that order. The worst-performing sectors were electrical equipment, electronic equipment and devices, healthcare companies and services, and aerospace and defense, in that order.
Researcher Kang stated, “As of today, the KOSPI’s 12-month forward price-to-earnings ratio (PER) based on its low point stood at 6.19x, which is below the level seen during the global financial crisis,” adding, “Given that panic selling has continued due to supply-and-demand factors—such as leveraged ETFs and short-covering—as well as a break below key technical support levels, we must remain open to the possibility of a short-term decline.” He further emphasized, “While it may be possible to buy on the dip as the market enters oversold territory, volatility is expected to persist due to the ongoing seesaw game of uncertain supply-demand dynamics and market sentiment, so a cautious approach appears prudent.”
Noh Dong-gil, an analyst at Shinhan Investment Securities, said, “The stock market is reflecting the information vacuum from late this month to early next month through price adjustments,” adding, “The current correction in stocks like SamsungElectronics should be viewed as a discount based on the expected duration of the downturn rather than observed downward revisions to earnings. The market has begun to doubt performance beyond next year,” he said. He elaborated, “A future rebound will not be sufficient based solely on confirmation of strong second-quarter earnings,” adding, “We need revised earnings forecasts that clear the higher third-quarter hurdles, as well as additional information confirming the sustainability of AI capital expenditures.”