The South Korean won reached a two-year high against the dollar, rising 0.8% to 1,333.30 per dollar before trimming gains to 0.5%. Economists attribute this strength to a broader decline in the dollar and consistent dollar sales by major exporters.
Despite the currency's performance, the KOSPI index fell more than 3%, losing approximately ₩162.7 trillion in value. The KOSDAQ index also dropped 4.29% to 853.98, with foreign investors selling a net ₩458 billion in KOSPI shares by 9:55 a.m. on Monday.
Chipmakers led the market decline. Samsung Electronics shares fell 3.63% to ₩252,500, while SK Hynix dropped 3.81% to ₩1.617 million. Since October 7, Samsung has declined 7.68% and SK Hynix has fallen 7.23%.
The downturn follows the conclusion of share buyback programs totaling ₩55 trillion from both companies. Analysts suggest that reduced buying pressure and concerns regarding the valuation of artificial intelligence stocks are contributing to the current market weakness.
Despite recent losses, both companies show significant growth for the year. Since January 1, SK Hynix shares have increased by 138.85%, and Samsung Electronics shares have risen by 96.5%. Samsung also reported a record estimated operating profit of ₩107.4 trillion for the third quarter.
