KOSPI falls for second session after 2.7% post-holiday drop

  • KOSPI fell 0.27% for a second consecutive session after dropping 2.70% in the post-Chuseok session.
  • Foreign investors sold 2.9030 trillion won on the latest session, after 3.24 trillion won of net selling previously.
  • KOSDAQ rose 0.38% for a third straight session as Samsung Electronics rebounded on its ex-dividend date.

South Korea’s KOSPI fell for a second consecutive session to 6,870.81 on the 29th, down 18.93 points, or 0.27%, after plunging 2.70% to 6,889.74 on the first trading day after the Chuseok holiday. Foreign investors sold a net 2.9030 trillion won on the main board in the second session, following net sales of 3.24 trillion won in the previous session, while retail investors and institutions bought shares. Samsung Electronics rose 0.93% on its ex-dividend date after falling 5.43% in the prior session, while SK hynix fell 0.17% after dropping 5.05%. The earlier selloff included combined foreign and institutional net selling of 4.26 trillion won in the two chipmakers. Investors continued to weigh U.S. Treasury yields, which reached 5.24% for the 10-year note in the latest session and their highest levels since 2007 for five-, 10- and 30-year maturities during the holiday, alongside higher oil prices, stalled U.S.-Iran negotiations, Middle East tensions and a hawkish Federal Reserve. The KOSDAQ rose 0.38% to 849.80 for a third consecutive session.

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