[Edaily Reporter kyoungeun kim ] On the 3rd, the KOSPI index rose to just shy of the 6,700 mark during the session but saw its losses widen in the afternoon as the two leading semiconductor stocks turned lower, resulting in a roller-coaster trading session before closing slightly higher. The market continues to trade in a range-bound pattern, propped up solely by “Other Corporations”—the channel through which SamsungElectronics and SK hynix buy back their own shares—amid a lack of supply and demand.
According to MP Doctor, the KOSPI index closed at 6,579.48, up 16.76 points (0.26%) from the previous trading day.
The index extended its gains from the early session, climbing as high as 6,682.97 during the day and attempting to break through the 6,700 level. However, in the afternoon, concerns over the exchange rate came to the fore, triggering a flood of selling that pushed the index down to 6,439.49, demonstrating sharp volatility. It subsequently recovered some of its losses to close slightly higher.
Citigroup revised downward its third-quarter operating profit forecasts for SK hynix and SamsungElectronics by 3% and 10%, respectively, due to the day’s currency depreciation. It also lowered SK hynix’s target price from 3.1 million won to 3 million won. However, it maintained a positive outlook due to the memory market’s solid fundamentals. SamsungElectronics saw a larger downward revision, reflecting the impact of the exchange rate and additional performance bonuses. This is 9% below the market consensus.
In the Seoul foreign exchange market, the won-dollar exchange rate fell to the 1,350 won range for the first time in one year and two months.
Supply and demand conditions on the day were disappointing. Retail investors net sold 955 billion won, foreign investors net sold 423.4 billion won, and institutional investors net sold 215.2 billion won, with all three major investor groups showing a net selling bias.
Amid this supply-demand imbalance, large-cap semiconductor stocks with high market capitalization extended their intraday losses to the 2% range, which is believed to have amplified index volatility. However, other corporate entities alone recorded net purchases of 1.5936 trillion won, which appeared to have prevented further declines in semiconductor stocks.
Program trading showed a net buying position of 5.2 billion won in arbitrage trades but a net selling position of 405.3 billion won in non-arbitrage trades, resulting in a net sell of 400.1 billion won overall.
The market opened higher that day, driven by a rebound in buying momentum following the easing of the previous day’s sharp surge in U.S. Treasury yields and expectations for Broadcom’s earnings. However, it was assessed as a day that once again highlighted supply-and-demand instability, as the market gave up most of its gains in the afternoon amid simultaneous selling by the three major investor groups.
Buying interest concentrated on sectors with expectations of improved earnings—such as property and casualty insurance, shipbuilding, and construction—as well as undervalued cyclical stocks, while growth stocks like semiconductors and biotech, which had previously served as market leaders, underperformed amid a rotation in market sentiment.
Among the top-market-cap stocks, large-cap semiconductor stocks, which had shown strength in both the morning and afternoon sessions, gave up their gains toward the end of the trading day. SamsungElectronics(005930)closed at 250,000 won, down 500 won (-0.20%), and SK hynix(000660)closed at 1,596,000 won, down 17,000 won (-1.05%). SamsungElectroMechanics(009150)also plunged 3.71%, reversing its morning gains into losses.
In contrast, LG Energy Solution(373220)surged 5.18%, leading the rally in secondary battery stocks, while financial and defense stocks—including KB Financial Group(105560)(5.20%), Samsung Life Insurance(032830)(3.06%), ShinhanFinancialGroup Co.,Ltd.(055550)(3.62%), and HANWHA AEROSPACE(012450)(2.15%)—closed higher, buoyed by sector-wide strength. HyundaiMotor(005380)also rose 1.46%.
On the same day, the KOSDAQ index closed at 790.21, down 13.77 points (1.71%) from the previous trading day. The index, which had risen as high as 815.79 during the session, fell as low as 782.87, widening its losses. While retail investors were net buyers of 295.2 billion won, foreign and institutional investors were net sellers of 107.7 billion won and 184.7 billion won, respectively, driving the index lower. Program trading, centered on non-arbitrage transactions, showed a net selling position of 131.7 billion won, contributing to a total net sell of 136.3 billion won.
On the KOSDAQ, Alteogen Inc.(196170), which had seen sharp swings in the morning, closed sharply lower at -5.19%. This is attributed to short-selling pressure that persisted into the latter part of the session, compounded by weakness across the biotech sector. JUSUNG ENGINEERING Co.,Ltd.(036930)(-3.28%), WONIK IPS Co.,Ltd.(240810)(-4.28%), and SIMMTECH Co., Ltd.(222800)(-4.78%)—all key stocks in the materials, parts, and equipment sector—could not escape the downturn. In contrast, EO Technics Co., Ltd.(039030)continued its upward trend, rising 3.98%, while Rainbow Robotics(277810)closed flat.
By sector, cyclical and value stocks such as non-life insurance (5.77%), shipbuilding (4.18%), construction (3.74%), trading and distribution companies (3.61%), and steel (3.46%) showed strength. In contrast, internet and catalog retail (-3.94%), biotechnology (-3.92%), electronic equipment and devices (-3.45%), healthcare companies and services (-3.26%), and other financials (-3.17%) were weak.