Seoul: South Korean shares closed slightly lower Thursday as foreign investors extended their selling streak to a second session. The local currency lost ground against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 1.06 points, or 0.04 percent, to close at 2,609.30. Trading volume was moderate at 325 million shares worth 9.7 trillion won (US$7.09 billion), with losers outnumbering gainers 511 to 358.
Foreign investors net sold 405.8 billion won worth of local shares, following a net offload of 657 billion won the previous day. Meanwhile, institutions and retail investors net purchased 200.5 billion won and 163 billion won, respectively.
The index had initially opened in positive territory, following overnight gains on Wall Street, buoyed by advances in major tech shares, including a 3.13 percent rise in shares of artificial intelligence leader Nvidia.
Market movements remained volatile as investors adopted a cautious stance in anticipatio
n of the upcoming earnings report from Taiwan Semiconductor Manufacturing Co. (TSMC). “The earnings report will likely determine the direction of investor sentiments as the favorable condition in the AI market is expected to continue,” said Han Ji-young, an analyst at Kiwoom Securities.
Tech shares in Seoul ended the day on a positive note. Market leader Samsung Electronics edged up by 0.34 percent to 59,700 won, and the world’s second-largest chipmaker, SK hynix, surged 3.87 percent to 196,000 won. However, other major stocks showed mixed results. Leading pharmaceutical company Celltrion fell by 3.52 percent to 188,900 won, and top battery maker LG Energy Solution dropped 1.85 percent to 397,000 won.
The automobile sector also faced declines, with Hyundai Motor plunging 4.66 percent to 235,500 won and Kia Motors losing 2.66 percent to 95,200 won.
The local currency, the won, weakened against the U.S. dollar, trading at 1,368.60 won by the close of the market, down 6 won from the previous session. In the b
ond market, prices fell, leading to a rise in yields. The yield on three-year Treasurys rose 1.7 basis points to 2.897 percent, and the yield on the benchmark five-year government bonds increased by 2.2 basis points to 2.946 percent.