Business · Markets · 1 hr ago
South Korea’s KOSPI falls 4.48% and drops below 6,100
South Korea’s main stock index, the KOSPI, fell 4.48% to 6,098.52 early on Oct.
13.
It dropped below 6,100 for the first time since Aug.
4, about two months earlier.
The decline followed weakness in major US technology stocks, including Micron, AMD, Broadcom and Nvidia.
Investors were also awaiting earnings announcements from major companies and new inflation data.
South Korea’s smaller Kosdaq index was down 3.77% at the same time.
One analyst said the KOSPI’s sharp recent losses and low valuation could create conditions for a short-term rebound, while its 200-day average is an important level to watch.
South Korea’s KOSPI fell 4.48% to 6,098.52 at 9:08 a.m. on October 13, dropping below 6,100.
The index was down 285.72 points from the previous session.
It was the first time the KOSPI had fallen below 6,100 since August 4, about two months earlier.
The article linked weaker investor sentiment to losses among major US technology stocks.
The KOSDAQ fell 3.77% to 817.17.
- Who
- South Korea’s KOSPI and KOSDAQ indices.
- What
- The KOSPI fell 4.48% to 6,098.52, below 6,100. The KOSDAQ fell 3.77%.
- When
- At 9:08 a.m. on October 13.
- Where
- South Korea.
- Why
- Weakness in major US technology stocks weighed on investor sentiment. The US market had closed mixed ahead of major companies’ earnings reports and inflation data.
This story does not have two clearly opposing sides.
US stocks closed mixed ahead of major companies’ earnings reports and the release of inflation data, while large technology stocks weakened.
The KOSPI was down 285.72 points, or 4.48%, at 6,098.52.
- KOSPI level
- 6,098.52
- KOSPI decline
- 285.72 points (4.48%)
- Below 6,100
- First time since August 4, about two months earlier
- KOSDAQ level
- 817.17, down 3.77%
- US semiconductor index
- Philadelphia Semiconductor Index fell 2.67%
What people are saying
In the short term, whether the KOSPI holds support at its 200-day moving average has become important.
Given that the index has fallen nearly 9% over four trading days and its forward price-to-earnings ratio is below 5, lower than during the July sell-off, conditions for a short-term rebound may have formed from a technical and valuation perspective.
Sources
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