KOSPI and KOSDAQ plunged by 2-3% due to weakness in Samchonix... Foreigner ‘Salja’

(Seoul = Yonhap News) Reporter Kim Yu-hyang = KOSPI, which returned from the Hangeul Day holiday, increased its intraday decline on the 12th and is showing a sharp decline of 2-3%. As of today, it has been weak for 4 consecutive trading days.

As of 10:26 am, KOSPI is at 6,429.07, down 196.86 points (2.97%) from the previous level.

The index opened at 6,578.17, down 47.76 points (0.72%) from the previous day, and at one point fell to 6,417.13 (-3.15%), threatening the 6,400 mark.

In the stock market, foreigners have continued to sell for five consecutive trading days. Currently, foreigners are net selling 535.2 billion won.

Meanwhile, institutions have a buying advantage of 77.4 billion won. Individuals also made net purchases of 289.5 billion won, showing a ‘buy’ for 4 consecutive trading days.

Foreigners also have a selling advantage of 322.3 billion won in the KOSPI 200 futures market.

In the domestic stock market, the semiconductor ‘Two Top’ is weak every day.

SK Hynix [000660] is currently trading at 1,613,000 won, down 4.05% from the previous price. It started down 2.44%, but the decline increased and fell to 1.605 million won (-4.52%) at one point during the day.

The decline in Samsung Electronics [005930] (-2.48%) also expanded, but was relatively limited. The stock price started down 0.76% and stayed flat, alternating between rising and falling early in the day. However, the decline later increased and at one point during the day it fell to 254,000 won (-3.05%).

At the same time, the KOSDAQ index fell 32.65 points (-3.66%) to 859.62.

The index opened at 885.53, down 6.74 points (0.76%), once reducing the decline to 0.05% (891.79 points), but now the decline appears to have increased again.

At one point during the day, it was pushed down to 858.55 (-3.78%).

Even in the KOSDAQ market, foreigners have a selling advantage of KRW 64.4 billion. Institutions are also holding down the index by net selling 31 billion won. On the other hand, individuals are net buying 97.6 billion won.

Kim Joo-yeon, a researcher at Mirae Asset Securities, analyzed, “The top two semiconductors in the domestic stock market are showing weakness as they digest the ‘bubble theory’ caused by Open AI.”

According to the Financial Times (FT) and CNN last week, OpenAI recently announced to investors that its annualized sales were approaching $50 billion as of the end of September. The controversy over overheating of AI investment seems to have reignited when a figure was presented that was 29% lower than the initially reported sales volume of Open AI of $70 billion.