KOSPI Hit’s Resistance at 2,650 – Win Streak Stops at Five

The KOSPI index experienced a decline after a five-day upward trend, closing the session 11.06 points, or 0.42%, lower at 2,632.07. The index initially moved up close to the 2,650 in the early hours of the session, only to hit resistance at 2,648.82 and fade from there.

The decline in the semiconductor sector played a predominant role in KOSPI’s downturn as Samsung Electronics and SK Hynix, ended their four-day winning streaks, falling by 1.94% and 1.86%, respectively. Furthermore, the political landscape contributed to the market’s volatility, with the Constitutional Court’s dismissal of the impeachment proposal against Prime Minister Han Duck-soo temporarily rallying the index.

Automotive stocks bucked the trend with Hyundai (KRX: 005380) and Kia (KRX: 000270) gaining 3.90% and 3.13%, respectively, due to the potential postponement of anticipated tariffs. Hyundai is also expected to announce a $20 billion investment in the U.S at the White House along with US President Trump in a bid to avoid tariffs longer term.

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Sector-wise, declines were notable in electronics (1.38%), construction (1.41%), and pharmaceuticals (1.11%), while chemicals and precision medicine sectors recorded gains of 0.48% and 1.37%, respectively.