KOSPI Falls Below 7,000 Points as Retail and Foreign Investors Net Sell Over 33 Trillion Won in a Single Month
nashnova research
The KOSPI fell back below 7,000 on September 28, closing at 6,889.74; Samsung Electronics and SK Hynix each dropped more than 5%. Retail and foreign investors have net-sold over ₩33 trillion this month, while turnover hit a year-low — the market is waiting for a catalyst strong enough to outweigh high rates.
What triggered this drop?
The KOSPI closed at 6,889.74, down 2.70%, losing the 7,000 level again.
Samsung Electronics fell 5.05% and SK Hynix 5.43% — the two heaviest index weights led the decline.
Two triggers converged: a sharp rise in U.S. long-term Treasury yields, and concerns that Oracle's AI data-center build may be delayed.
This means → rate pressure and a slower AI-investment tempo hit Korea's semiconductor heavyweights at the same time; either alone wouldn't have done this much damage.
Why is the market going cold?
Average daily turnover (the share of listed stocks changing hands each day) fell to 0.50% from the 1st to the 23rd — the lowest reading this year.
The slide has lasted six straight months: March peak 1.74% → April 1.48% → May 1.13% → June 0.81% → July 0.72% → August 0.54% → September 0.50%.
In plain terms = the short-term trading burst during June–July volatility has fully faded; fewer and fewer participants are active, and most are watching from the sideline.
Where did the money go?
This month through the reporting date, retail investors net-sold ₩16.69 trillion and foreigners net-sold ₩16.42 trillion — a combined ₩33 trillion+.
Cash parked in brokerage margin accounts (money deposited at brokers but not yet deployed into stocks) stood at ₩101.63 trillion as of the 23rd, barely above the ₩100 trillion round number.
This reflects a stand-off: high rates plus oil-price pressure are keeping sidelined cash from re-entering — the money exists, it just won't move.
Is the buyback safety net still holding?
Samsung Electronics and SK Hynix share-buyback programs had been providing a floor of passive buying support.
As of the 28th, Samsung's buyback was 85.95% complete; SK Hynix's was 66.27% done — remaining capacity is shrinking fast.
This means → the safety net is nearly spent; once the buybacks end, the index loses its last source of programmatic bid support.
What comes next?
Daishin Securities analyst Lee Kyoung-min said: "The core issue is not rates themselves, but what kind of catalyst can overcome rate pressure."
In plain terms = everyone already knows rates are high; the real question is whether any positive signal is strong enough to make investors stop caring about them.
The market is focused on two events: the U.S. August PCE price index on the 30th (the Fed's preferred inflation gauge) and Micron Technology's quarterly earnings — the first shapes rate expectations, the second tests semiconductor demand.
Multiple analysts agree: only a meaningful easing of macro pressure combined with forward guidance that meets expectations will give sidelined capital a reason to come back.
市场有风险，内容仅供研究参考，不构成投资建议。