KOSPI fails again to break 7,000 as a thick wall of selling pressure holds it between 6,500 and 7,000

The KOSPI climbed above 7,100 during the session but turned lower in the final 30 minutes, failing once again to reclaim the 7,000 level. It closed at 6,954.52, down 40.87 points, or 0.58%, on the day.

The index has remained below 7,000 at the close since reaching 7,096.89 on July 23. The latest move marked its fourth intraday attempt to settle above that threshold. Analysts pointed to a thick band of accumulated selling pressure around the 6,500 to 7,000 range.

The market also faced pressure from the worsening conflict involving the United States and Iran, which pushed international oil prices higher and weakened appetite for risk assets. Expectations of a possible U.S. Federal Open Market Committee rate hike in September have also become a standing concern. Still, domestic supply and demand were identified as the main immediate factor.

Data from the Korea Exchange showed that the 6,600 to 7,000 range accounted for 7.256 billion shares traded over the previous three months, or 28.32% of total volume. The lower 6,300 to 6,600 band accounted for another 13.60%. That concentration suggested that investors released large amounts of profit-taking stock as the index approached 7,100. Foreign and institutional investors each bought about 600 billion won, while retail investors sold roughly 3 trillion won.

SK Hynix briefly recovered to 1.8 million won but closed at 1.793 million won after gaining just 0.56%. Samsung Electronics fell 0.19% to 269,500 won. The KOSDAQ declined more sharply near the close, ending at 811.88 as high borrowing costs weighed on growth sectors such as biotechnology and robotics.