KOSPI Retreats Near 8,000 as Foreign Selling Ends Six-Day Rally

The KOSPI closed lower on May 12, ending a six-session winning run that had repeatedly set new records. The index finished at 7,643.15, down 2.29% from the previous session. It opened 1.67% higher and came within 0.33 point of breaking 8,000, but turned negative about an hour after the open. Investor sentiment weakened as concerns over overheated semiconductor shares overlapped with a deadlock in U.S.-Iran ceasefire talks and U.S. President Donald Trump’s reference to the possible resumption of military action. Foreign investors sold a net 6.6091 trillion won on the main bourse, the third-largest daily net selling amount on record, while institutions sold 1.4526 trillion won. Individuals bought 8.0225 trillion won, but that was not enough to prevent the decline. The KOSDAQ also fell 2.32% to 1,179.29. Source: hankyung.com