[Market Opening Update] KOSPI Slips to 2,630 Mark as KOSDAQ Also Drops

# South Korean Stocks Dip Amid Profit-Taking; Kospi and Kosdaq Retreat The South Korean stock market saw a decline on the morning of November 15, with both the Kospi and Kosdaq indices showing weakness during early trading. After experiencing gains for three consecutive sessions following the U.S.-China trade tariff agreement, the market appears to be taking a pause. By 9:37 a.m. local time, the Kospi index had fallen by 3.22 points, or 0.15%, to 2,636.50. The index had closed at 2,640.57 in the previous session, marking the first time in nearly two months that it reclaimed the 2,640-point level. In the main Kospi market, foreign and retail investors were net buyers, with net purchases of KRW 29.4 billion and KRW 112.8 billion, respectively. Institutional investors, on the other hand, were net sellers, offloading KRW 154.6 billion worth of shares. Among the top ten blue-chip stocks by market capitalization, LG Energy Solution and KB Financial were trading higher, while Samsung Electronics, Samsung Biologics, Hyundai Motor, and Hanwha Aerospace experienced losses. Meanwhile, the Kosdaq index dropped by 5.47 points, or 0.74%, to 733.58, reversing its upward trajectory after four consecutive sessions of gains. On the Kosdaq, retail and institutional investors were net buyers, purchasing KRW 91.5 billion and KRW 1.9 billion worth of shares, respectively, while foreign investors sold a net KRW 85.1 billion. Among Kosdaq heavyweights, stock performance was mixed. Altesogen, EcoPro BM, HLB, EcoPro, and Rainbow Robotics traded lower, whereas PharmaResearch, Peptron, and Classys posted gains. # SM Entertainment Surges; JYP Entertainment Also Climbs A notable performer in early trading was SM Entertainment, which surged more than 25% after turning a profit in the first quarter. JYP Entertainment also gained over 7%, driven by optimism for its second-quarter earnings. # Wall Street Ends Mixed Amid Lack of Fresh Catalysts Overnight, U.S. stocks closed with mixed results as investors continued to weigh the positive sentiment from U.S.-China tariff negotiations but found no significant catalysts to drive markets higher. The Dow Jones Industrial Average slipped 0.21%, the S&P 500 increased by 0.10%, and the Nasdaq Composite rose 0.72%. JPMorgan noted that while easing tariffs and a decline in geopolitical risks could provide short-term momentum for Asian equity markets, mid-term risks remain due to uncertainties surrounding China’s domestic consumption and policy direction. # Currency Markets Draw Focus as Dollar-Won Rate Declines Concerns over currency market volatility are rising in South Korea. It was recently revealed that Choi Ji-young, Deputy Vice Minister of South Korea’s Ministry of Economy and Finance, held foreign exchange discussions with Robert Kaproth, U.S. Deputy Assistant Secretary for the Treasury, in Milan, Italy. Following this news, the won-dollar exchange rate in the Seoul market fell below 1,400 won during overnight trading on the previous day. Han Ji-young, an analyst at Kiwoom Securities, observed that“Although the U.S. stated it would not include foreign exchange issues in negotiations, the market remains cautious. In the short term, investors should focus on currency market volatility.” On the same day, the won-dollar exchange rate opened at 1,410.9 won, down 9.3 won from the previous session.