KOSPI falls below 7,000 amid concerns over high oil prices and high interest rates

As concerns over high oil prices and high interest rates grew, the KOSPI fell back below the 7,000 level on the 11th. According to the Korea Exchange, the KOSPI closed at 6,909.91, down 1.76% from the previous trading day. The index fell more than 3% in early trading, and although it later pared its losses, it was unable to recover from the decline. The KOSPI, which had reclaimed the 7,000 level on the 9th, was pushed back down again in just two days. Individual investors were net buyers, but largescale net selling by foreign investors and institutions drove the index lower. Major largecap stocks such as Samsung Electronics and SK hynix also showed weakness. The KOSDAQ likewise fell 1.95% due to selling by foreign investors and institutions. The market viewed investor sentiment as having worsened as international oil prices rose amid the prolonged U.S.Iran conflict, while U.S. Treasury yields also increased. All three major New York stock indexes also closed lower overnight.