KOSPI pares 1.94% opening gain to 0.08% ahead of Chuseok

  • KOSPI fluctuated as foreign and individual investors sold shares before Chuseok.
  • KOSPI opened 1.94% higher at 7,153.99 before trading at 7,023.31.
  • KOSDAQ rose 0.44% as foreigners and institutions sold while individuals bought.

The KOSPI fluctuated on the 23rd ahead of the Chuseok holiday, opening 1.94% higher before foreign and individual selling erased most of its advance. At 11:40 a.m., the index was up 5.40 points, or 0.08%, at 7,023.31, after falling as low as 7,014.98 and briefly slipping below the previous session's 7,017.91 close. Individuals were close to selling a net 700 billion Korean won, while foreigners sold about 330 billion won. Institutions and other financial companies bought 310 billion won and 710 billion won, respectively. Samsung Electronics and SK Hynix lost momentum, while Samsung Electronics Preferred shares rose 2.84% on dividend demand. Solar stocks advanced on expectations that the U.S.-China summit on the 24th could bring tariff relief for Chinese solar products. OCI Holdings rose 6.38%, Hanwha Solutions gained 5.10%, and Shinsung E&G added 2.84%. SK Innovation climbed more than 5% on expectations of petroleum-product supply disruptions and wider refining margins after geopolitical shocks. The KOSDAQ rose 0.44% to 838.07, with individuals as its only net buyers. Daishin Securities researcher Lee Kyung-min said cautious sentiment and profit-taking could expand short-term volatility before Chuseok.

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