KOSPI falls below 6,900 on quadruple witching as oil tops $100

  • KOSPI fell below 6,900 intraday as foreign and institutional investors sold shares during quadruple witching.
  • The index reached 6,898.45, down 153.19 points or 2.17%, at 10:30 a.m., while top-return Mirae Asset clients sold major technology stocks.
  • Brent crude settled at $101.21 a barrel, up 3.36%, as the U.S. 10-year Treasury yield briefly exceeded 4.85%.

South Korea’s KOSPI fell below 6,900 intraday on Wednesday the 10th as foreign and institutional investors sold shares during quadruple witching, when stock-index and single-stock futures and options expire simultaneously. The index dropped as much as 153.19 points, or 2.17%, to 6,898.45 at 10:30 a.m., after closing above 7,000 for the first time in 33 trading sessions a day earlier. Mirae Asset Securities data showed its clients in the top 1% by one-month returns were selling SK hynix, Samsung Electronics and Samsung Electro-Mechanics, while Hyundai Motor, Korea Electric Power and Celltrion were the most heavily bought. Brent crude settled 3.36% higher at $101.21 a barrel, its first close above $100 since July 23, while the U.S. 10-year Treasury yield briefly exceeded 4.85% after a Treasury buyback operation disappointed markets. Investors also awaited U.S. August consumer-price data for signals on the Federal Reserve’s policy outlook.

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