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South Korean stocks open 3% lower as profit-taking hits market
🇰🇷 South Korea /Economy & Trade

South Korean stocks open 3% lower as profit-taking hits market

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • The South Korean stock market opened significantly lower on August 3, with the KOSPI index falling 3.6% to 6358.27.
  • This decline follows a record-high surge in the previous trading day, with investors taking profits and foreign investors shifting from buying to selling.
  • The KOSPI continued to widen its losses in early trading, while the tech-heavy KOSDAQ also opened lower.

South Korea's benchmark KOSPI index opened sharply lower on August 3, shedding 3.6% to 6358.27 points. The significant drop came after a record-setting rally in the previous session, as investors cashed in on recent gains. The market experienced a wave of profit-taking following the weekend break.

Foreign investors, who had been aggressive buyers, turned into net sellers, contributing to the downward pressure. The tech-heavy KOSDAQ index also followed suit, opening 1.36% lower at 709.99. Early trading saw the KOSPI extend its losses, falling further to 6338.01 by 9:10 AM.

Major semiconductor stocks, considered bellwethers of the Korean economy, also suffered significant declines. Samsung Electronics dropped 7.24% to 243,500 won, and SK Hynix fell 6.81% to 1,600,000 won, reflecting the broader market sentiment.

DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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