The KOSPI and KOSDAQ are both down more than 4% as tech stocks turned weak amid lingering doubts over whether AI investment will pay off. Semiconductor bellwether Samsung Electronics has lost the 220,000 won level and SK hynix the 1.4 million won level, down in the 4% and 5% ranges, respectively.
As of 1:55 p.m. on the 3rd, the KOSPI stood at 5,621.15, down 237.93 points (4.06%) from the previous session. According to Korea Exchange data, on the main board foreigners sold 1.3072 trillion won worth of shares and institutions sold 455.6 billion won, while individuals were net buyers of 1.4931 trillion won. Other corporations also bought 259.7 billion won, which is presumed to be SK hynix's share buyback volume. SK hynix began buying back 20 trillion won worth of its own shares on October 29 and plans to finish the purchases at the end of January next year.
By sector, medical and precision instruments fell the most, in the 7% range. Electrical and electronics and machinery and equipment fell in the 5% range, manufacturing dropped more than 4%, and chemicals, construction and metals fell more than 3%. Securities, insurance and IT services slid in the 2% range, while textiles and apparel, transport and warehousing, transport equipment and parts, electricity and gas, and distribution also fell more than 1%. Telecommunications, general services, and entertainment and culture edged lower, while pharmaceuticals, paper and wood, food, beverages and tobacco, and non-metals edged higher.
Among the top 10 stocks by market capitalization, nine are falling. Samsung Electro-Mechanics fell the most, in the 7% range, SK hynix and SK Square lost more than 5%, Samsung Electronics and Samsung Life fell in the 4% range, and LG Energy Solution lost more than 4%. Hyundai Motor and Samsung C&T also fell more than 3% and 2%, respectively. Samsung Biologics, up in the 1% range, is the only gainer.
The KOSDAQ was trading at 703.85 at the same time, down 30.51 points (4.15%). Foreigners and institutions sold 123.2 billion won and 161.6 billion won worth of shares, respectively, while individuals bought 296.7 billion won.
Among KOSDAQ sectors, machinery and equipment fell the most, in the 6% range, and electrical and electronics slid in the 5% range. Transport equipment and parts, metals and manufacturing fell more than 4%, while chemicals, distribution, medical and precision instruments and finance fell in the 3% range. Construction, other manufacturing and pharmaceuticals fell more than 2%, and IT services and textiles and apparel fell in the 1% range. Publishing and media reproduction and transport and warehousing edged lower, while paper and wood and telecommunications edged higher.
Nine of the top 10 KOSDAQ stocks by market capitalization are also weak. Semiconductor materials, parts and equipment stocks such as EO Technics (down in the 9% range) and Jusung Engineering (7% range) saw especially large declines. Only Alteogen reversed course and is edging higher.