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KOSPI Struggles Amid Tech Sector Weakness and Profit-Taking; Eyes on Earnings Reports

SEOUL—South Korea's KOSPI Index faces persistent resistance as cautious investor sentiment, spurred by U.S. tech stock weakness, weighs on the market. Concerns around OpenAI’s latest challenges have dampened the appetite for technology stocks globally, further impacting the index.

In the previous trading session, KOSPI hit a new annual high before retreating 1.27% to close at 3,169.94. The pullback was largely driven by profit-taking activities. Foreign investors, who had been net buyers for nine consecutive sessions, reversed course, offloading shares worth 129 billion won ($97 million).

Key blue-chip stocks across pivotal sectors experienced significant losses. Samsung Electronics [005930] slid 2.65%, while rival SK Hynix shed 1.47%. Other leading players in the defense and shipbuilding industries also recorded declines, exacerbating the downward pressure on the index.

Overnight in the U.S., stock markets delivered mixed performances. The Dow Jones Industrial Average gained 0.40%, with the S&P 500 inching up 0.06%. However, the tech-heavy Nasdaq Composite fell 0.39% following reports of roadblocks in OpenAI’s ambitious $500 billion AI partnership with SoftBank. Nvidia, a key player in the AI and semiconductor space, dropped 2.5%, dragging the Philadelphia Semiconductor Index down by 1.8%.

Reports revealed that the OpenAI-SoftBank “AI Next Initiative” is facing notable delays, with scaled-down short-term goals casting a shadow over broader market optimism for the sector. Despite these setbacks in the tech industry, South Korea’s markets largely shrugged off Federal Reserve Chair Jerome Powell’s neutral commentary on economic and monetary policy during a recent conference.

Adding to the global economic narrative, the U.S. and the Philippines finalized a revised trade deal dating back to the Trump administration. Tariffs on certain goods from the Philippines were reduced by 1%. In exchange, the Philippines agreed to open its markets further, allowing U.S. goods to enter duty-free.

Looking ahead, traders are turning their attention to the upcoming U.S.-China trade negotiations in Sweden. Hopes for extended deadlines in their bilateral talks offered a glimmer of optimism to global markets. However, South Korean exporters remain concerned over tariff reductions on key products such as automobiles and steel, key industries that lack definitive progress despite significant investments in the U.S. Legal insights, including those from former USTR legal counsel Stephen Vaughn, suggest skepticism regarding substantive headway in the U.S.-China discussions.

Tech Headwinds and Trade Talks Add to South Korean Stock Market Pressure

South Korea’s stock market continues to grapple with challenges posed by the global tech sector’s downturn. OpenAI’s stumbles remain in the spotlight, particularly as U.S. technology stocks face additional selling pressure. Meanwhile, the upcoming “2+2” bilateral dialogue between South Korea and the U.S., scheduled for July 25, is being closely monitored as it could influence the market sentiment moving forward.

The MSCI Korea-focused exchange-traded fund (ETF), which serves as a proxy for global investor interest in South Korean equities, declined by 1.33%, signaling a restrained global outlook on the market.

Nevertheless, some optimism emerged after local markets closed. OpenAI and SoftBank announced further collaboration under their joint 'Stargate Project,' which could potentially alleviate downside risks for technology stocks as this development unfolds.

According to Ji-young Han, a research analyst at Kiwoom Securities, “KOSPI is likely to trade within a limited range today due to lingering weakness in the Philadelphia Semiconductor Index and cautious sentiment ahead of South Korea's second-quarter earnings reports. Stock-specific movements will likely shape today’s session."

Key Earnings in Focus: Samsung Biologics and LG Innotek

Investors are closely watching the release of second-quarter earnings results from domestic heavyweights, including Samsung Biologics [207940] and LG Innotek [011070]. Both earnings announcements, set to be disclosed later today, are expected to influence individual stock performance and could spark localized volatility in the broader market.

Stay tuned for more updates as the results of tech-sector developments, U.S.-China trade talks, and South Korea's corporate earnings season shape the market outlook.

—mylux@yna.co.kr

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