[Edaily Reporter Shin Ha-yeon ] The KOSPI is trading around the 5,550 level on the 5th, having fallen by more than 2% in early trading. Although the New York stock market showed strength overnight on expectations of reduced political uncertainty and a reassessment of policies following the U.S. midterm elections, selling pressure is mounting on domestic artificial intelligence (AI)-related stocks—such as semiconductors and power equipment—amid ongoing concerns over delays in the construction of new data centers.

According to MP Doctor on the 5th, as of 9:18 a.m., the KOSPI is trading at 5,554.76, down 129.04 points (2.27%) from the previous trading day. The index opened at 5,580.09, fell as low as 5,548.43 during the session, and reached an intraday high of 5,586.46.

In terms of supply and demand, foreign investors are net sellers of 312.9 billion won on the stock market. In contrast, retail investors are net buyers of 210.5 billion won, and institutional investors are net buyers of 93.5 billion won. Program trading shows a net buying position of 104.7 billion won in arbitrage trading and a net selling position of 235.6 billion won in non-arbitrage trading, resulting in an overall net selling position of 130.9 billion won.

Among the top market-cap stocks, weakness in semiconductor and AI-related stocks is particularly noticeable. SamsungElectronics(005930)is trading at 209,500 won, down 3.90%, while SK hynix(000660)is trading at 1,305,000 won, down 6.52%. SamsungElectronics(1P)(005935)(-3.49%) and SKSQUARE(402340)(-6.01%) are also trading lower. In particular, SamsungElectroMechanics(009150)has plummeted 9.15% to 1,013,000 won.

On the other hand, some non-AI sectors are performing relatively well. HyundaiMotor(005380)is trading at 305,000 won, up 7.58%, while KB Financial Group(105560)is trading at 160,100 won, up 5.68%. SAMSUNG BIOLOGICS(207940)is also up 3.55%, and LG Energy Solution(373220)is up 0.28%. Samsung Life Insurance(032830)is down 1.54%.

Overnight, U.S. stock markets closed higher, reflecting easing political uncertainty following the midterm elections and expectations of a policy reassessment. The Dow Jones Industrial Average rose 3.03%, the S&P 500 Index rose 1.58%, and the Nasdaq Composite Index rose 1.44%. However, the Philadelphia Semiconductor Index fell 3.13%. While hyperscalers such as Amazon (up 6.12%) and Microsoft (up 6.68%) performed strongly, semiconductor stocks like NVIDIA (down 3.17%) and Micron (down 7.00%) underperformed.

Market analysts suggest that stock price divergence within the AI value chain is likely to continue for the time being following the U.S. midterm elections. While the Democratic Party’s control of Congress may reduce the capital expenditure burden on hyperscalers by raising the possibility of regulations on new data center construction, it could place a burden on AI infrastructure suppliers such as semiconductor and power equipment manufacturers.

Han Ji-young, an analyst at KIWOOM Securities, stated, “Given that concerns over delays in new data center construction persist even amid today’s U.S. stock market rally—driven by the resolution of uncertainty surrounding the U.S. midterm elections and expectations for policy changes under a Democratic-led administration—we expect to see a divergence in market performance between AI stocks, such as semiconductors and power equipment, and non-AI stocks, including renewable energy sectors like rechargeable batteries and solar power.”

She added, “At current stock price levels, there is little incentive for the market to further price in a negative scenario where stricter data center regulations—driven by Democratic opposition—lead to a contraction in AI investment, a crack in related demand, and impaired earnings visibility for AI stocks such as semiconductors,” noting that “reducing exposure to semiconductors and the KOSPI as a whole is unlikely to yield significant benefits.”

By sector on the KOSPI, medical and precision instruments are down by around 5%. Following closely behind, the electrical and electronics, manufacturing, machinery and equipment, and real estate sectors are also trading lower. In contrast, the pharmaceutical sector is up 4%, and IT services, entertainment and culture, electricity and gas, food, beverages, and tobacco, securities, textiles and apparel, transportation equipment and parts, general services, telecommunications, non-metals, paper and wood, metals, and transportation and warehousing are also on the rise.