South Korea stocks open lower as profit-taking hits Kospi and Kosdaq

South Korean stocks opened weaker on August 11 as profit-taking followed the previous session's strong gains, sending both the Kospi and Kosdaq lower in early trade before bargain-hunting trimmed losses. By 9:06 a.m., the Kospi was at 6,232.45, down 67.21 points, or 1.07%, after opening at 6,240.06 and sliding as low as 6,213.78. It later recovered to 6,264.59, down 0.56%, by 9:14 a.m. Foreign investors were net buyers on the main board, purchasing 112.1 billion won, while institutional investors sold 96.2 billion won and retail investors sold 11.8 billion won. The Kosdaq showed the opposite pattern, with retail investors buying 104.9 billion won as foreign and institutional investors sold. The index stood at 840.92, down 1.59%, at 9:06 a.m. after a 6.97% surge in the previous session, then recovered to 854.11, down 0.04%, by 9:14 a.m. Large-cap shares were broadly weak, though Samsung Electronics edged higher and Samsung Biologics also gained, while analysts said the pullback looked like a natural corrective phase after a sharp rally. They also pointed to sustained foreign buying on the Kospi and selective strength in semiconductor equipment stocks as constructive signals despite wider volatility.

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South Korea stocks open lower as profit-taking hits Kospi and Kosdaq - CoinPost Terminal