[DigitalToday reporter Sangyeop Oh (오상엽)] The KOSPI extended gains on Sept. 8 after topping the 7,100 level in intraday trading, but it slid sharply late in the session and fell below 7,000. It reclaimed 7,000 intraday for the first time in 15 trading sessions since Aug. 18, but ended lower as profit-taking pressure grew after the previous day’s surge.

The KOSPI ended down 40.87 points, or 0.58 percent, at 6,954.52. The index opened up 50.40 points, or 0.72 percent, at 7,045.79, rising above 7,000 as soon as trading began.

It later climbed as high as 7,171.52 on foreign and institutional buying, nearing the 7,200 level, but gave up gains quickly in the afternoon. The KOSPI surged 4.61 percent a day earlier and rose more than 2 percent intraday on Sept. 8, prompting short-term profit-taking sales, it said.

In the main bourse, foreigners and institutions were net buyers of 452.8 billion won and 848.8 billion won, respectively. Retail investors were net sellers of 3.06 trillion won.

Semiconductor shares that led the index higher a day earlier gave up most of their gains late in the session. Samsung Electronics closed down 0.19 percent at 269,500 won. SK Hynix, which had been rising intraday, ended up 0.56 percent at 1,793,000 won.

SK Square rose 0.53 percent. Samsung Electro-Mechanics plunged 5.78 percent, while many heavyweight stocks fell, including LG Energy Solution, down 3.86 percent, Hyundai Motor, down 2.04 percent, Samsung Biologics, down 1.77 percent, KB Financial Group, down 1.25 percent, and Samsung Life Insurance, down 0.16 percent.

The Kosdaq also ended lower. The index fell 10.31 points, or 1.25 percent, to 811.88. It rose above the 830 level intraday but extended losses in the afternoon.

In the Seoul foreign exchange market, the won ended at 1,344.50 per dollar, up 2.50 won, or 0.19 percent, from the previous session.

Buying flowed into the market earlier in the day, led by semiconductor shares. Samsung Electronics and SK Hynix rose in intraday trading by the 2 percent range and the 3 percent range, respectively, pushing the KOSPI above 7,100 at one point.

In the afternoon, gains in semiconductor shares narrowed as the market weighed the burden from the previous day’s sharp rise and profit-taking, and the index slid quickly.

Han Ji-young (한지영), a researcher at Kiwoom Securities, said there was room for temporary profit-taking and a pullback in the KOSPI, led by semiconductors, given the short-term surge. She said what matters is whether foreigners keep up consecutive net buying even during the pullback.