[Edaily Reporter Shin Ha-yeon ] The KOSPI opened down more than 1% and has been extending its losses throughout the trading session. This is believed to be due to a decline in investor sentiment following a sharp rise in international oil prices and U.S. Treasury yields amid escalating military tensions between the U.S. and Iran. The “forced labor tariffs” announced by the Trump administration are also cited as a factor weighing on investor sentiment.

According to MP Doctor on the 24th, as of 9:10 a.m. today, the KOSPI is trading at 6,914.36, down 182.53 points (2.57%) from the previous trading day. The index opened at 7,000.78, down 1.35% from the previous session, and is currently down by more than 2% during the session.

On the previous trading day, the 23rd (local time), major U.S. stock indices closed lower across the board. On the New York Stock Exchange, the Dow Jones Industrial Average—which comprises blue-chip stocks—closed at 51,711.65, down 506.93 points (0.97%) from the previous session. The S&P 500 Index, a benchmark for large-cap stocks, closed at 7,408.30, down 90.66 points (1.21%) from the previous session, while the tech-heavy Nasdaq Composite Index closed at 25,137.69, down 553.21 points (2.15%).

As tensions in the Middle East escalated, the closing price of Brent crude—the global benchmark for oil—surpassed $100 per barrel for the first time in about two months. On that day, the closing price for September-delivery Brent crude futures on the ICE Futures Exchange surged 7.04% from the previous session to $100.69 per barrel, while the closing price for September-delivery West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange rose 6.17% from the previous session to $92.19 per barrel. This marks the highest level for Brent crude since May 22 and for WTI since June 4.

As a result, U.S. Treasury yields also surged. The yield on the 10-year U.S. Treasury note rose 4 basis points (1 bp = 0.01 percentage point) from the previous session to 4.70%. This marks the first time the 10-year Treasury yield has surpassed 4.7% in a year and six months, since January of last year.

The announcement by the Trump administration that day—that it would impose “forced labor tariffs” ranging from 10% to 12.5% on 60 countries under Section 301 of the Trade Act—also appears to have weighed on investor sentiment. The Office of the U.S. Trade Representative (USTR) announced at 5:00 p.m. that day that it had finalized tariffs of 10% to 12.5% on 60 countries, citing concerns over imports of products produced through forced labor. South Korea will effectively face a 12.5% tariff as well. These new tariffs were introduced just seven hours before the expiration of the “10% global tariff” that had been implemented following the U.S. Supreme Court’s ruling in February invalidating reciprocal tariffs.

Han Ji-young, an analyst at KIWOOM Securities, stated, “The domestic stock market is expected to open lower due to heightened geopolitical uncertainty between the U.S. and Iran and the aftermath of the sharp decline in U.S. stock markets,” but added “However, we believe the sustainability of capital expenditure (CAPEX) growth among hyperscalers, along with Intel’s after-hours stock price surge of over 4% following its announcement of an earnings surprise and upward revenue guidance after the U.S. market closed, will provide downside support for stock prices, particularly in the semiconductor sector, during the trading session.”

He continued, “Since we have entered the full-fledged second-quarter earnings season, it is also necessary to consider that this is a period where individual earnings momentum could emerge,” and “In this regard, given that concerns over memory demand have eased following Alphabet’s CAPEX increase on the 22nd, it is appropriate to maintain the current weighting in semiconductors. As demonstrated on several occasions this year, in periods of heightened macroeconomic and geopolitical uncertainty, the semiconductor sector—which has shown the strongest earnings momentum compared to other sectors—tends to exhibit high stock price resilience,” he noted.

In terms of supply and demand, foreign investors and institutions are currently net sellers on the KOSPI market, with net sales of 268.1 billion won and 46.4 billion won, respectively. Retail investors are the only group showing net buying, at 328.6 billion won, but this is insufficient to stem the index’s decline. Program trading, combining arbitrage and non-arbitrage trades, shows a net selling position of 570.9 billion won.

By sector, all sectors are trading lower. IT services and electrical/electronics are down by around 3%, and most other sectors—including manufacturing, securities, finance, insurance, machinery/equipment, medical/precision instruments, transportation equipment/parts, retail, entertainment/culture, chemicals, telecommunications, construction, electricity/gas, and metals—are also trading lower. Only the pharmaceutical sector is showing gains of around 3%.

Among the top market-cap stocks, SamsungElectronics(005930)is trading at 261,500 won, down 8,500 won (3.15%) from the previous trading day. SK hynix(000660)is trading at 1,845,000 won, down 74,000 won (3.86%). In addition, SKSQUARE(402340)(-6.55%), SamsungElectroMechanics(009150)(-2.49%), HyundaiMotor(005380)(-5.09%), LG Energy Solution(373220)(-3.59%), Samsung Life Insurance(032830)(-3.79%), and KB Financial Group(105560)(-4.65%) are all trading lower.

At the same time, the KOSDAQ market is trading at 768.81, down 21.47 points (2.72%) from the previous trading day. In terms of supply and demand, foreign and institutional investors are net sellers of 67.9 billion won and 66.9 billion won, respectively. Foreign investors alone are net buyers of 137.8 billion won.

Top-market-cap stocks are trading lower. Most stocks, including Alteogen Inc.(196170)(-0.33%), ECOPRO BM CO., LTD.(247540)(-5.50%), ECOPRO CO., LTD(086520)(-4.98%), Rainbow Robotics(277810)(-10.33%), JUSUNG ENGINEERING Co.,Ltd.(036930)(-4.79%), LEENO Industrial Inc(058470)(-4.33%), and WONIK IPS Co.,Ltd.(240810)(-5.74%), are trading lower.