The Tape Tilted Again Around Lunch, and Samsung's Record Quarter Couldn't Hold It Up
Right now the KOSPI sits at 6,740.23, down 0.94%, and the KOSDAQ at 893.93, down 0.50%. Against the 10:40 brief, that is another -0.42%p for the KOSPI and -0.83%p for the KOSDAQ, so the calm water of the morning tilted once more around lunch. The KOSDAQ's shift was the steeper of the two.
Sold even after a record quarter
The flows show where that tilt comes from. We're not at the close yet, but the numbers are already fairly clear.
| Foreigners | Institutions | |
|---|---|---|
| KOSPI | 2,618.8bn won net sold | 710.1bn won net sold |
| KOSDAQ | 249.9bn won net sold | 209.8bn won net sold |
The news points the same way. Samsung Electronics posted its biggest third-quarter result ever, yet foreigners and institutions sold it together, and the market is asking how long the chip boom can last. I'm watching, once again, a day when a great report card doesn't turn straight into a great price.
Last night's light breeze is a stiffer wind today
Last night's US session (10/7 close) slipped only mildly, with the S&P500 at -0.22% and the Nasdaq at -0.22%. Utilities and cybersecurity were firm, and biotech was weak. Seoul has picked up that settled direction but is stretching the drop well beyond it. The won is at 1,339.74 per dollar (-0.30%) while the dollar index is 102.21 (+0.38%), so currency isn't propping up the indexes. Among my public holdings, ConocoPhillips at +2.0% is holding on, and Poongsan at -7.7% hurts most. Those are valuation gains and losses, not today's moves.
There are 3 hours and 20 minutes to the close. I'll first watch whether the KOSPI foreign net selling of 2,618.8bn won keeps swelling, and whether the Samsung selling carries into the afternoon. I'll also see whether the KOSDAQ's drop widens like the KOSPI's or catches its breath here.