## KOSPI Falls Short of 3,200 as Retail Selling Intensifies; Foreign and Institutional Buying Limits Losses

The KOSPI index faced headwinds on July 24, failing to break through the 3,200 level as retail investors aggressively sold off stocks—a net KRW 9.51 trillion—amid concerns stemming from the breakdown of the U.S.-South Korea "2+2 Trade Consultations." Nonetheless, robust buying by foreign and institutional investors fueled modest market gains, providing critical support to the index.

According to the Korea Exchange, the KOSPI closed at 3,190.45, marking a 0.21% increase (6.68 points) from its previous session. The day commenced on a strong note, with the index opening at 3,209.43 (up 0.81% or 25.66 points from 3,197.13), but selling pressure gradually mounted, erasing early gains.

Foreign investors ended the session as net buyers, scooping up KRW 7.42 trillion worth of stocks, while institutional investors added KRW 1.29 trillion. However, persistent selling by retail participants weighed on overall market momentum.

## Sectoral Weakness Dominates; LG Energy Solution Emerges as a Star Performer

Most sectors within the KOSPI faced declines on the day. Paper & Wood Products suffered the steepest losses, plunging 4.61%, followed by IT Services, which dropped 2.55%. Underperformance extended to sectors like Textiles & Apparel, Securities, Entertainment & Culture, and Food & Tobacco, all posting losses exceeding 1%.

Market leaders displayed a mixed performance. SK Hynix saw a slight uptick of 0.19%, Samsung Biologics surged 2.26%, and Doosan Enerbility advanced 3.15%. Yet, the standout was LG Energy Solution, which soared 9.36%, emerging as the session's biggest gainer.

On the downside, Samsung Electronics slipped by 0.60%, Hyundai Motor tumbled 2.03%, and Kia dipped 1.04%, reflecting caution among investors amid mixed earnings results and broader market uncertainties.

## Hyundai Motor’s Q2 Earnings Disappoint, Leading to Stock Decline

Adding to the market's fragile sentiment, Hyundai Motor revealed mixed second-quarter results. While revenue climbed 7.3% year-over-year to KRW 48.29 trillion, operating profit dropped 15.8% to KRW 3.60 trillion. The company credited revenue growth to the strong performance of its hybrid car offerings and financial services division but acknowledged pressures on operating profitability.

Investors responded negatively to the weaker-than-expected operating profit, prompting a sell-off in Hyundai Motor shares, which ended the day lower. Kia, its affiliate, mirrored this trend, recording a decline as well.

## U.S.-South Korea "2+2 Trade Consultations" Breakdown Raises Uncertainty

Market sentiment was further dampened by reports that the scheduled "2+2 Trade Consultations" between U.S. and South Korean finance and trade ministers on July 25 in Washington, D.C., had fallen apart. This development stoked fears of potential disruptions to ongoing tariff negotiations and broader trade relations.

Jihyun Kim, a researcher at Daol Securities, remarked, "The United States remains focused on addressing non-tariff barriers as a key agenda item. Although negotiations did not collapse entirely, the lack of immediate progress has unsettled investors."

The uncertainty surrounding these talks added to near-term market volatility, compounding existing challenges.

## KOSDAQ Sheds Gains Despite Foreign Investor Support

On the KOSDAQ front, the index closed in negative territory, slipping 0.45% (3.67 points) to 809.89. While the index opened 0.42% higher at 816.94, early gains were erased due to substantial selling pressure from individual and institutional investors.

Foreign investors extended their buying spree in the KOSDAQ, acquiring KRW 344 billion worth of stocks. However, this was outweighed by net selling from retail investors and institutions, which unloaded KRW 200 billion and KRW 165 billion, respectively, contributing to the index's decline.

## Sector Roundup and Top KOSDAQ Movers

Sectoral performance on the KOSDAQ mirrored the main board's trajectory. Paper & Wood Products tumbled 6.16%, leading the day's losses. Entertainment & Culture followed with a 2.24% drop, while Telecommunications fell 2.23%. Additional sectors, including Transport & Warehousing, Textiles & Apparel, IT Services, Retail, Food & Tobacco, and Non-Metallic Minerals, also posted notable losses.

Among top market-cap stocks, sentiment was mixed. Samchundang Pharm and ABL Bio were bright spots, surging 5.62% and 17.82%, respectively. EcoPro BM also enjoyed a 2.47% gain. However, others faced headwinds: Peptidream declined 4.05%, Rainbow Robotics lost 0.75%, Alteogen fell 0.42%, and HLB recorded a dip of 0.90%.

## Korean Won Strengthens Against U.S. Dollar

The South Korean won exhibited resilience in the foreign exchange market, strengthening against the U.S. dollar as investor sentiment improved slightly. The won closed at KRW 1,367.2 per dollar, appreciating 12.6 won compared to the prior session, providing a silver lining amid broader market concerns.

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