Foreign investors dump nearly 4 trillion won; won weakens to 1,530 per dollar
Semiconductor and auto heavyweights slide; KOSDAQ also drops almost 5%
Foreign investors dump nearly 4 trillion won; won weakens to 1,530 per dollar
The KOSPI index fell more than 4% on the 31st as investors reacted to surging oil prices, a sharply weaker won, and mounting uncertainty over the war with Iran. The sell-off capped a brutal month in which the market has lost more than 19%, marking its steepest monthly decline since the global financial crisis.
The KOSPI closed at 5,052.46, down 224.84 points, or 4.26%, from the previous session after swinging in a wide intraday range. The index opened lower, briefly approached the 5,000 level, then clawed back toward 5,200 before renewed selling into the close pushed it back down. The won finished at 1,530.1 per dollar, up 14.4 won on the day, after touching the mid‑1,530s — its weakest level since March 2009.
Overnight, Wall Street ended mixed as investors weighed flickering hopes for a cease-fire against the risk of fresh escalation. U.S. President Donald Trump said talks with Iran's new leadership had made progress but also warned he could order strikes on Iran's power plants, oil fields, and the Kharg export terminal if the Strait of Hormuz is not reopened. U.S. WTI crude for May settled at 102.88 dollars a barrel and Brent at 112.78 dollars, both above 100 dollars as traders priced in a prolonged supply shock centered on the Gulf. For an import‑dependent economy like South Korea, the combination of triple‑digit oil and a stronger dollar translated directly into heavier pressure on equities.
Foreign investors were again at the center of the sell‑off. They offloaded 3.8473 trillion won worth of shares on the main board, extending their selling streak to a ninth straight session and bringing total net sales for March close to 32 trillion won. Retail investors bought 2.4403 trillion won, and domestic institutions picked up 1.0249 trillion won, but their dip‑buying was not enough to offset the foreign exodus. In index futures, foreigners were small net buyers, suggesting some hedging rather than a decisive turn in positioning. One strategist at Daishin Securities said that even if a cease‑fire is reached, Asia could still face "a new cost shock" if passage through Hormuz becomes more expensive or less reliable.
Sector-wise, technology and export blue chips bore the brunt of the decline. The information technology sub‑index sank 11.04%, while electrical and electronic shares dropped 5.70% and medical precision stocks fell 5.46%. Samsung Electronics slid 5.16%, dropping back into the 160,000‑won range, and SK hynix tumbled 7.56% into the 800,000‑won area as investors questioned whether recent price gains in high‑end AI memory can continue while spot DRAM prices soften. Hyundai Motor lost 5.11% on worries over production disruptions and weaker global demand if the conflict drags on, and LG Energy Solution, Samsung Biologics, and Hanwha Aerospace all finished lower. In contrast, some defense, shipping, and consumer names, including Hanwha Ocean, HMM, and APR, ended in positive territory, while consumer staples, such as food and beverage stocks, outperformed the broader market.
The tech‑heavy KOSDAQ also suffered, falling 54.66 points, or 4.94%, to close at 1,052.39. The index briefly pared intraday losses toward the 1,100 level, but renewed selling in growth names pulled it back down. Institutions sold a net 686 billion won on the junior board, while individuals and foreigners bought 498 billion won and 1.129 trillion won, respectively. Drug maker Samchundang Pharm, which had hit a fresh 52‑week high the previous day, plunged by the daily limit of 29.98%, losing its "emperor stock" status. Battery and biotech favorites such as EcoPro, EcoPro BM, Alteogen, and Rainbow Robotics also retreated, while game developer Pearl Abyss extended gains on expectations for its new title. Newly listed Resens Medical, which had briefly traded at more than three times its offer price, gave back part of its early surge as investors took profits.
Trading remained active despite the risk‑off mood. Turnover reached 29.784 trillion won on the KOSPI and 11.313 trillion won on the KOSDAQ. Alternative trading platform NextTrade reported combined pre‑market and main‑market transactions totaling 16.2545 trillion won, underscoring how investors are using multiple venues to manage heightened volatility in Korean assets.
By Min Byung-kwun, KDFN
kdf＠kdfnews.com
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