[Edaily Reporter Kim Hyung-il ] The KOSPI opened more than 1% lower amid profit-taking in U.S. tech stocks and is extending its losses. The domestic stock market, which surged so sharply the previous day that the “buy-side car” mechanism was triggered for the fourth consecutive trading day, appears to be taking a breather just one day later. Weakness in U.S. artificial intelligence (AI) semiconductor companies such as AMD and Alphabet is dampening investor sentiment toward domestic semiconductor stocks, leading to increased selling by foreign investors.

According to MP Doctor on the 6th, the KOSPI opened at 6,478.75, down 119.51 points (1.81%) from the previous trading day, while the KOSDAQ opened at 797.44, down 2.15 points (0.27%). As of 9:23 a.m., the KOSPI was down 136.37 points (2.07%) at 6,461.89, and the KOSDAQ was down 5.56 points (0.70%) at 794.03, with losses widening.

Overnight on the New York Stock Exchange, the Dow Jones Industrial Average rose 0.5%, marking its fifth consecutive trading day of gains and setting a new all-time high. In contrast, the S&P 500 and the Nasdaq Composite Index showed mixed performance, falling 0.2% and 0.8%, respectively. NVIDIA posted gains, buoyed by expectations of expanded AI infrastructure investment by SpaceX, but AMD fell more than 6% as its earnings guidance fell short of heightened market expectations and was met with profit-taking. Alphabet also traded lower following news of a reorganization of its AI division and the departure of Chief Scientist Jeff Dean. While expectations for AI investment remained intact, the short-term sell-off is believed to have been driven by profit-taking, particularly in large-cap tech stocks.

The domestic stock market is also showing weakness as foreign selling pressure is concentrated on large-cap semiconductor stocks. In the KOSPI market, foreign investors are net sellers of 177.7 billion won, while retail investors and institutions are net buyers of 129.2 billion won and 37.6 billion won, respectively. In the KOSDAQ market, retail investors are net buyers of 121 billion won, while foreign and institutional investors are net sellers of 115.6 billion won and 4.4 billion won, respectively. Analysts suggest that the domestic stock market, which surged the previous day after the “buy-side car” mechanism was triggered for the fourth consecutive trading day, has entered a short-term consolidation phase following the correction in U.S. tech stocks.

By market capitalization, large-cap stocks led the index lower, falling 2.30%. In contrast, mid-cap stocks rose 0.50% and small-cap stocks rose 0.02%, showing relatively steady performance. By sector, the declines in electrical and electronics (-3.55%) and medical and precision equipment (-3.50%) were particularly notable. Sectors such as retail (-1.33%), telecommunications (-1.21%), and finance (-1.18%) also posted losses. In contrast, sectors including metals (3.32%), construction (1.91%), chemicals (1.22%), and textiles and apparel (1.49%) showed strength, continuing the divergence across sectors.

Among the top market-cap stocks, SK hynix(000660)(-6.35%), SamsungElectroMechanics(009150)(-5.60%), SamsungElectronics(005930)(-1.83%), SKSQUARE(402340)(-7.95%), and HyundaiMotor(005380)(-0.99%) all posted losses. This is believed to be the result of the correction in U.S. semiconductor stocks spilling over into domestic semiconductor and AI-related stocks. In contrast, LG Energy Solution(373220)(0.30%), SAMSUNG BIOLOGICS(207940)(0.07%), and KB Financial Group(105560)(0.82%) remained largely unchanged. On the KOSDAQ market, Alteogen Inc.(196170)(-1.26%), ECOPRO BM CO., LTD.(247540)(-1.38%), JUSUNG ENGINEERING Co.,Ltd.(036930)(-3.78%), WONIK IPS Co.,Ltd.(240810)(-4.30%), and HLB INC.(028300)(-1.43%) all fell, while Peptron, Inc.(087010)(3.73%) rose.

Han Ji-young, an analyst at KIWOOM Securities, noted, “Amid the recent sharp rally in the stock market, short-term profit-taking has emerged, particularly in AI and semiconductor stocks.” She added, “However, considering the stabilization of oil prices and interest rates, as well as corporate earnings momentum, further downward pressure is likely to be limited.” She added, “As volatility has eased compared to July and concerns regarding AI investments and memory demand are subsiding, it is more appropriate to maintain existing positions or respond with staggered purchases during corrections rather than ‘selling on a rebound.’”

Kang Jin-hyuk, an analyst at Shinhan Investment Securities, said, “U.S. semiconductor stocks showed strength due to stable oil prices and interest rates, as well as easing concerns over AI profitability driven by Big Tech earnings.” He added, “The domestic stock market is also likely to continue seeing a stock-selective rally, with buying momentum that began in the semiconductor sector spreading to non-semiconductor sectors and the KOSDAQ.”