SEOUL: Seoul shares experienced a downturn late Tuesday morning, reflecting the impact of a pause in the U.S. stock market’s recent rally. The Korea Composite Stock Price Index (KOSPI) fell by 26.36 points, or 1 percent, reaching 2,578.56 as of 11:20 a.m.
According to Yonhap News Agency, the decline in Seoul shares followed a 0.8 percent drop in the Dow Jones Industrial Average, which closed at 42,931.60. Meanwhile, the Nasdaq Composite saw a slight increase of 0.3 percent, closing at 18,540.01. In Seoul, institutional and foreign investors sold a combined total of 455 billion won (approximately US$330 million) in stocks, overshadowing individual investors’ purchases worth 446 billion won.
The performance of large-cap stocks in Seoul was mixed. Samsung Electronics Co. saw a decrease of 1.2 percent, while LG Energy Solution Ltd. dropped by 2.3 percent, and Korean Air Co. fell by 1.1 percent. In contrast, Hyundai Motor Co. recorded a 0.2 percent rise, Korea Electric Power Corp. increased by 2.8 percent, and S
K Telecom Co. went up by 1.1 percent.
The local currency also weakened against the U.S. dollar, trading at 1,377.85 won, down 2.65 won from the previous session.