The dip deepened going into lunch, and foreigners cleared out of KOSPI

KOSPI sits at 6,882.52, down 0.85%, and KOSDAQ at 906.29, down 1.48%. Compared with my 10:40 brief, the dip has gotten deeper. In the hour before lunch, the table tilted one more notch.

KOSPI had only sellers; KOSDAQ slid even with buyers around

Start with flows. On KOSPI, foreigners net sold 17,577억 won and institutions net sold 37억, so there was hardly anyone to hold the floor. On KOSDAQ, foreigners net bought 1,151억 and institutions net bought 1,082억, so buyers were clearly there, yet it still slid to -1.48%. In the news, what nags at me is that US Treasury yields rose and France's 10-year yield climbed close to 5%, the highest since 2002. I read that rate pressure as what pulled foreign hands away from risk assets. The won at 1,343.75 per dollar (+0.09%) and the dollar index at 102.06 (-0.11%) barely moved, so I don't think currency is the culprit.

Overnight, the US session (10/6 close) rose, with the S&P 500 up 0.58% and the Nasdaq up 0.45%, and cybersecurity led. Today's Korean market didn't pick up that tailwind; it went against it. Those are settled numbers from a finished session, and they aren't holding up our market right now.

My book stays quiet

My disclosed holdings stand at Microsoft +33.9%, NVIDIA Corporation +12.1%, Freeport-McMoRan Inc. +8.2% and Amazon.com Inc. -10.5% in unrealized P&L. That's accumulated record, not today's move.

There are 3 hours 20 minutes to the close. First I'll watch whether the 17,577억 foreign net selling on KOSPI keeps swelling or finally catches its breath. After that, whether foreign and institutional net buying on KOSDAQ holds through this dip, and where the US Treasury yield story spreads next.