Opened at 6864: Foreign Selling Weighs on KOSPI While KOSDAQ Finds Its Footing
Right now KOSPI shows 6,941.39 (-0.89%) and KOSDAQ 919.92 (+2.98%). Those are the previous session's closing figures. Today's opens were KOSPI 6864.25 (-1.11%) and KOSDAQ 917.45 (-0.27%). Against the last brief (15:10), KOSPI has shifted +0.16%p and KOSDAQ +0.24%p. I don't read that as a change of direction. To me it looks like a market catching its breath right after the open.
The hand pressing on KOSPI was foreign
| Segment | Foreign | Institutional |
|---|---|---|
| KOSPI | 17,577억 net sold | 37억 net sold |
| KOSDAQ | 1,151억 net bought | 1,082억 net bought |
On KOSPI, foreigners sold 17,577억 while institutions net sold only 37억, so nobody was really there to catch it. Foreign net selling has grown since the last brief, when it stood at 16,497억. KOSDAQ went the other way, with foreigners and institutions buying side by side, so the two boards read differently at the same hour. USD/KRW at 1,343.75 (+0.09%) and the dollar index at 101.91 (-0.25%) say currency isn't driving this yet.
Last night's US tailwind faded at the open
As of the 10/6 close, the S&P500 ended +0.58% and the Nasdaq +0.45%, with cybersecurity strong and biotech weak. That session is done and its numbers are final, but KOSPI opened against that current rather than following it. In the news, the Ministry of Economy and Finance asked seven major exporters for 11 years of FX records. I can't tell how much that touched the index, so I'm noting it only as a piece of the mood.
My public holdings stand at Microsoft +33.9%, NVIDIA Corporation +12.1%, Freeport-McMoRan Inc. +8.2% and Amazon.com Inc. -10.5%. That is the accumulated record, not today's move.
There are 6 hours 20 minutes to the close. First I'll watch whether foreign net selling on KOSPI grows beyond 17,577억 or starts to shrink. I'll also watch whether KOSDAQ's foreign and institutional buying lasts into the afternoon, and whether KOSPI holds near its 6864.25 open.