Seoul: South Korean shares closed slightly lower on Thursday as foreign investors continued to sell off shares for a second consecutive session, contributing to a modest drop in the Korea Composite Stock Price Index (KOSPI).
According to Yonhap News Agency, the KOSPI slipped by 1.06 points, or 0.04 percent, to close at 2,609.30. The trading volume for the day was recorded at 325 million shares, valued at approximately 9.7 trillion won (US$7.09 billion). The market saw a higher number of decliners (511) compared to advancers (358).
Foreign investors were net sellers for the day, offloading 405.8 billion won worth of local shares, following a net sale of 657 billion won in the previous session. In contrast, institutions and retail investors were net buyers, purchasing 200.5 billion won and 163 billion won worth of shares, respectively.
The index initially opened in positive territory, influenced by overnight gains in Wall Street, particularly due to a strong performance from tech giant Nvidia, which saw its
shares increase by 3.13 percent. However, the market experienced fluctuations throughout the day as investors remained cautious, awaiting the upcoming earnings report from Taiwan Semiconductor Manufacturing Co. (TSMC). The anticipation surrounding TSMC’s report reflects broader market sensitivities to developments in the tech sector, especially advances related to artificial intelligence.
Kiwoom Securities analyst Han Ji-young commented on the market’s sensitivity to TSMC’s performance, noting, “The earnings report will likely determine the direction of investor sentiments as the favorable condition in the AI market is expected to continue.” Indeed, TSMC later reported a significant 54.2 percent surge in net profit for the third quarter, surpassing market expectations.
On the local front, tech shares in Seoul ended the day on a positive note. Samsung Electronics edged up by 0.34 percent to 59,700 won, and SK hynix, the world’s second-largest chipmaker, jumped by 3.87 percent to 196,000 won. However, other m
ajor stocks had mixed results. Celltrion dropped by 3.52 percent to 188,900 won, and LG Energy Solution fell by 1.85 percent to 397,000 won. Leading automakers also faced declines, with Hyundai Motor plunging 4.66 percent to 235,500 won and Kia Motors down by 2.66 percent to 95,200 won.
In currency markets, the Korean won weakened against the U.S. dollar, trading at 1,368.60 won to the dollar by the close of the market, a decrease of 6 won from the previous session.