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(Seoul=Yonhap Infomax) Kyu Sun Lee – South Korea's benchmark KOSPI index briefly reclaimed the 3,900 level on Monday, buoyed by positive sentiment from Wall Street, but reversed course in the afternoon as foreign investors turned net sellers, closing lower.
On the 24th, the KOSPI ended at 3,846.06, down 7.20 points (0.19%) from the previous session. The index opened higher but weakened in the afternoon, reflecting a classic "early strength, late weakness" pattern.
Investor sentiment was initially lifted by comments from John Williams, President of the Federal Reserve Bank of New York, who suggested that rate cuts could be possible, boosting the probability of a December rate cut and fueling early gains.
However, foreign investors shifted to profit-taking in most sectors except electronics, dragging the index lower. On the main board, foreigners and retail investors posted net sales of 400 billion won ($308 million) and 450 billion won ($347 million), respectively, while institutions were net buyers of 900 billion won ($693 million).
Notably, shares relisted after spin-offs saw mixed performances. Samsung Bioepis Holdings Co., newly listed after being spun off from Samsung Biologics Co., suffered a steep drop, closing at 438,500 won, down 28.23% from its opening price, marking a challenging debut. In contrast, Samyang Biopharm, relisted after a spin-off from Samyang Holdings, hit the upper price limit on its first trading day.
Expectations for Ukraine peace talks also drove sectoral moves. Construction and reconstruction-related stocks rallied on reports that the US and Ukraine are discussing a peace plan, while defense stocks such as LIG Nex1 and Hanwha Aerospace, which had previously led the index higher, faced profit-taking and closed lower.
The secondary battery value chain was broadly weak, with LG Energy Solution down 3.17%, POSCO Holdings off 2.58%, and Ecopro BM falling 2.03%.
The KOSDAQ index finished at 856.44, down 7.51 points (0.87%). Major pharmaceutical and biotech stocks underperformed, with Peptron plunging 15.6%. Beauty device and battery-related shares also weakened, while some semiconductor materials, parts, and equipment stocks such as Leeno Industrial advanced.
In the Seoul foreign exchange market, the dollar-won exchange rate closed the week at 1,477.10 won, up 1.5 won.
kslee2@yna.co.kr
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