South Korea’s Kospi opened down 3.17% after losing 17% in October, but investors bought the dip
On October 19, the Kospi opened 179.64 points lower at 5,488.41, following a 2.14% drop in the Nasdaq on Friday and growing doubts about the viability of spending on AI infrastructure. As of October 16, the index was down 17.11% for the month, the worst performance among major indexes (Yonhap), after declines in CoreWeave bonds and slower third-quarter revenue growth at Anthropic weighed on Samsung Electronics and SK Hynix. Foreign investors sold 18.13 trillion won over eight consecutive sessions starting October 2. But buyers stepped in this time: by 9:12 a.m. Korea time, purchases by foreign and institutional investors had narrowed the loss to 1.18%. Tesla and Meta will report earnings this week, while the U.S. midterm elections will be held on November 3.
On Binance, the $EWY perpetual contract (iShares MSCI South Korea ETF) rebounded from 147.47 overnight to 159.14. The current price is around 158.74, up about 5.6% in 24 hours.
Hourly chart:
• Testing: 158.30–159.14
• If it holds: 161.00, then 168.15
• If it breaks: 157.00, then 155.70
Daily chart:
• Testing: 156.00–159.14
• If it holds: 161.00, then 168.15
• If it breaks: 150.40, then 146.40
Holding above 150.40 ← indicates dip-buying is holding firm, with 161 as the target
Please follow
#KOSPIOpens3.17%Lower
On October 19, the Kospi opened 179.64 points lower at 5,488.41, following a 2.14% drop in the Nasdaq on Friday and growing doubts about the viability of spending on AI infrastructure. As of October 16, the index was down 17.11% for the month, the worst performance among major indexes (Yonhap), after declines in CoreWeave bonds and slower third-quarter revenue growth at Anthropic weighed on Samsung Electronics and SK Hynix. Foreign investors sold 18.13 trillion won over eight consecutive sessions starting October 2. But buyers stepped in this time: by 9:12 a.m. Korea time, purchases by foreign and institutional investors had narrowed the loss to 1.18%. Tesla and Meta will report earnings this week, while the U.S. midterm elections will be held on November 3.
On Binance, the $EWY perpetual contract (iShares MSCI South Korea ETF) rebounded from 147.47 overnight to 159.14. The current price is around 158.74, up about 5.6% in 24 hours.
Hourly chart:
• Testing: 158.30–159.14
• If it holds: 161.00, then 168.15
• If it breaks: 157.00, then 155.70
Daily chart:
• Testing: 156.00–159.14
• If it holds: 161.00, then 168.15
• If it breaks: 150.40, then 146.40
Holding above 150.40 ← indicates dip-buying is holding firm, with 161 as the target
Please follow
#KOSPIOpens3.17%Lower