[Edaily Reporter PARK MIN ] The KOSPI is down by more than 1% in early trading on the 12th due to simultaneous declines in SamsungElectronics(005930)and SK hynix(000660). The index is facing strong downward pressure from a combination of negative macroeconomic factors—such as international oil prices surpassing $100 and a sharp rise in U.S. Treasury yields—and concerns over a supply-demand gap as Samsung Electronics and SK Hynix, which have been propping up the market, are nearing the end of their share buyback programs.

According to MP Doctor, as of 9:16 a.m., the KOSPI is trading at 6,537.38, down 88.55 points (1.34%) from the previous trading day. The index slipped to the 6,534 level shortly after the opening and continues to hover precariously around the 6,530 mark. This marks the fourth consecutive day of declines.

By investor type, foreign investors are leading the index lower with net sales of 121.2 billion won. Meanwhile, retail investors and institutions stepped in to buy, with net purchases of 49.3 billion won and 57.3 billion won, respectively, but their efforts were insufficient to stem the decline. On the KOSPI market, 433 stocks rose, while 389 fell. Fifty-eight stocks remained unchanged.

At the same time, the KOSDAQ Index is also trading at 881.13, down 11.14 points (1.25%) from the previous trading day, unable to escape the broader market weakness. In the KOSDAQ market, foreign investors are net sellers by 13.6 billion won, while retail investors and institutions are net buyers by 12.5 billion won and 1.4 billion won, respectively. In the KOSDAQ market, 755 stocks are rising and 794 are falling. 146 stocks are trading flat.

Among the top-volume stocks on the KOSPI, major semiconductor stocks—whose share buyback programs are nearing completion—have all turned lower, dragging down the index.

SK hynix(000660)is trading at 1,634,000 won, down 2.80% from the previous trading day, while SamsungElectronics(005930)is also down 0.95% at 259,500 won. Major IT stocks such as SKSQUARE(402340)(-5.24%) and SamsungElectroMechanics(009150)(-0.84%) are also experiencing significant corrections.

On the other hand, stocks such as KumhoElectric(001210)(24.65%), #Hanwha Machinery & Service Holdings (23.44%), and KUMHOE&C(002990)(18.40%)—which were driven by specific news—soared, while SAMSUNG SDI CO.,LTD.(006400)(2.99%), HyundaiMotor(005380)(1.85%), and SamsungElectronics(1P)(005935)(0.10%) also posted gains.

The top-ranked stocks by trading volume on the KOSDAQ also turned green, led by semiconductor components and technology growth stocks. ROBOTIS(108490), the leading robotics stock, is trading at 273,500 won after plunging 8.07%, while LIGHTRON FIBER-OPTIC DEVICES(069540)(-7.80%), LEENO Industrial Inc(058470)(-7.51%), SUNGHO ELECTRONICS CORP.(043260)(-4.01%), TAIHAN Fiberoptics Co.,LTD(010170)(-3.77%), JUSUNG ENGINEERING Co.,Ltd.(036930)(-2.80%), and WONIK IPS Co.,Ltd.(240810)(-0.90%) are all experiencing declines.

In contrast, Naintech. CO.,LTD.(267320)surged 13.50%, and only a few stocks, such as JNTC CO.,LTD.(204270)(1.14%) and SAMKEE EV CO.,LTD.(419050)(0.87%), are maintaining an upward trend.

Securities analysts point to growing concerns over a “supply-demand cliff” as the primary factor behind this week’s decline, noting that the share buybacks by SamsungElectronics and SK hynix—which totaled 55 trillion won—are effectively nearing their conclusion.

In addition, analysts note that macroeconomic headwinds are putting strong downward pressure on the market, as geopolitical risks in the Middle East—including the possibility of U.S. military intervention following the attack on Riyadh Airport in Saudi Arabia—have resurfaced, pushing international oil prices above $100 per barrel and causing the yield on the 10-year U.S. Treasury note to breach 5.3% during trading.

Industry experts advise that a conservative approach is necessary until the return of foreign capital inflows and the stabilization of international oil prices are confirmed, as uncertainty regarding the interest rate path could widen again depending on the results of the U.S. September Consumer Price Index (CPI) and Producer Price Index (PPI), which are set to be released later this week.

Han Ji-young, an analyst at KIWOOM Securities, stated, “It cannot be denied that market concerns surrounding the ‘super cycle’ narrative for semiconductors—the market’s leading sector—as well as issues regarding earnings visibility and sustainability beyond 2027, have not been fully resolved.” She added, “We have reached a point where it is crucial to assess how much next year’s earnings estimates for SamsungElectronics and SK hynix can be revised upward, and the extent to which this will drive upward revisions in earnings estimates for the KOSPI as a whole.”

She continued, “Even if exposed to macroeconomic uncertainties such as caution over the U.S. September CPI and volatility in the U.S. 10-year Treasury yield this week, the index is expected to maintain its downside rigidity and pave the way for a recovery to the high 6,000-point level.”