[Edaily Reporter Kim Hyung-il ] While artificial intelligence (AI)-related stocks continued their strong performance on U.S. markets, the domestic stock market is showing a broad decline in early trading. This appears to be influenced by profit-taking following the sharp rallies of the past two days, as well as supply-and-demand pressures ahead of the options expiration date. The KOSPI opened higher but later turned lower, while the KOSDAQ fell more than 1%, dropping below the 700-point mark.

According to MP Doctor on the 12th, as of 9:15 a.m., the KOSPI stood at 5,353.43, down 21.93 points (0.41%) from the previous trading day. The index opened at 5,385.94, up 10.58 points (0.20%), but turned lower early in the session.

At the same time, the KOSDAQ stood at 696.94, down 8.16 points (1.16%) from the previous trading day. With the KOSDAQ falling below the 700 mark, its decline was more pronounced than that of the KOSPI.

A sell-off dominated the market overall. On the KOSPI, 237 stocks rose, 62 remained unchanged, and 585 fell. On the KOSDAQ, 548 stocks rose, 110 remained unchanged, while 1,065 fell.

On the KOSPI, large-cap stocks held up relatively well. The large-cap index fell 0.27%, while mid-cap and small-cap stocks dropped 0.96% and 0.64%, respectively. By sector, IT services posted the largest decline, falling 2.27%, while machinery and equipment (-2.03%), pharmaceuticals (-1.59%), and chemicals (-1.46%) also showed weakness.

Among the top market-cap stocks, SamsungElectronics(005930)rose 1.21% to 208,500 won, and SamsungElectronics(1P)(005935)climbed 1.82% to 188,000 won. SamsungElectroMechanics(009150)also gained 1.63%. In contrast, LG Energy Solution(373220)fell 2.24%, and SAMSUNG BIOLOGICS(207940)dropped 2.52%. SK hynix(000660)remained virtually unchanged, down 0.16%.

On the KOSDAQ, the financial sector fell 2.62%, and other sectors such as general services (-2.55%), metals (-1.96%), KOSDAQ New Growth (-1.77%), and construction (-1.70%) also showed weakness. Among the top market-cap stocks, ECOPRO BM CO., LTD.(247540)and ECOPRO CO., LTD(086520)fell 4.57% and 4.08%, respectively. Alteogen Inc.(196170)also fell 3.65%, while HLB INC.(028300)and JUSUNG ENGINEERING Co.,Ltd.(036930)were also down. In contrast, SIMMTECH Co., Ltd.(222800)rose 3.37%, and Rainbow Robotics(277810)and LEENO Industrial Inc(058470)also gained 0.86% and 0.38%, respectively.

In terms of supply and demand, retail investors are net buyers in both markets. As of 9:15 a.m., retail investors had net purchased 545.3 billion won on the KOSPI and 145.6 billion won on the KOSDAQ. In contrast, foreign investors were net sellers by 400.8 billion won and 115.6 billion won, respectively, while institutional investors also showed a net selling position of 192.9 billion won and 27.7 billion won, respectively.

Overnight, U.S. stock markets closed higher, buoyed by strength in AI-related stocks. On the 11th (local time), the Dow Jones Industrial Average rose 0.5% from the previous trading day, while the S&P 500 and the Nasdaq Composite Index rose 1.3% and 1.6%, respectively. The Philadelphia Semiconductor Index surged 5.7%.

CoreWeave, an AI data center provider, soared 24.7% on the back of strong earnings and easing concerns over its funding situation. Buying momentum spread across AI-related stocks, with Micron, SanDisk, and Navius rising 11.9%, 13.7%, and 15.4%, respectively. News that institutional investor orders significantly exceeded the number of shares offered during Anthropic’s initial public offering (IPO) bookbuilding also bolstered investor sentiment.

Han Ji-young, an analyst at KIWOOM Securities, stated, “While CoreWeave’s credit concerns triggered a series of corrections in AI stocks starting last October, sentiment appears to be gradually improving following the earnings release,” adding “The sharp increase in revenue and order backlog demonstrated the robustness of AI demand, and during the earnings call, the company restored confidence in its funding capabilities by mentioning an inflow of approximately $9 billion in advance payments over the next three months, a decline in the average funding rate by about 2.75 percentage points, and no plans to issue unsecured corporate bonds,” she analyzed.

Regarding the domestic stock market, while profit-taking following the sharp rally over the past two days and supply-demand pressures from option expiration remain, the analyst projected that the rally in AI-related stocks would sustain risk appetite. One analyst stated, “Although supply-demand pressures are expected to persist today due to some profit-taking following two days of sharp gains and the aftermath of option expiration, the rally in AI stocks—including U.S. semiconductors—driven by CoreWeave’s earnings and the strong demand forecast for Anthropic’s IPO is expected to maintain risk appetite, leading to a stock price trend of neutral or better.”

In particular, the analyst noted that the domestic stock market has begun to react more sensitively to positive news than to negative developments. “The domestic stock market is currently becoming less sensitive to negative news and is instead beginning to react to positive catalysts, such as CoreWeave’s strong earnings,” the analyst said. He continued, “Given that the market remains oversold, it is important to emphasize that stock prices may become more responsive to positive news,” adding, “Even if a correction occurs later, it would be appropriate to prioritize strategies other than reducing equity exposure.”