The KOSPI fell more than 3% in early trading on the 13th, dropping below the 6,200 level. Heavy foreign selling the previous day, followed by a sharp overnight decline in U.S. chip stocks, is adding to downward pressure on the domestic market.
The KOSPI opened at 6,186.08, down 198.16 points, or 3.10%, from the previous session, according to the Korea Exchange on the 13th. The KOSDAQ also began the day at 823.69, down 25.50 points, or 3.00%.
Top market-capitalization stocks were broadly lower. Samsung Electronics traded at 242,000 won, down 3.39% from the previous session, while SK hynix stood at 1.536 million won, down 4.30%. SK Square fell 6.10%, Samsung Electro-Mechanics 4.30%, Hyundai Motor 4.06% and LG Energy Solution 3.77%.
The KOSPI closed at 6,384.24 the previous day, down 3.65%, extending its losing streak to a fourth session. On Wall Street overnight, chip stocks including Micron, down 3.9%, and SanDisk, down 6.0%, tumbled on concerns about expanding supply after Chinese memory maker ChangXin Memory Technologies, or CXMT, unveiled plans to launch next-generation DDR5 chips.
Brokerages are watching whether the KOSPI holds support at its 200-day moving average. Han Ji-young, an analyst at Kiwoom Securities, said bargain hunting after the recent slide could prompt an attempt at an intraday rebound.