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An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) |
South Korean stocks closed sharply lower Monday, tracking a plunge on Wall Street last week amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply rose against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) decreased 43.23 points, or 1.57 percent, to close at 2,704.48 points.
Trading volume was moderate at about 606 million shares worth some 11.3 trillion won ($9.4 billion), with losers outnumbering gainers 787 to 117.
Retail investors sold a net 189 billion won, while foreigners bought 95 billion won and institutions purchased 69 billion won.
Most large caps deepened losses amid Russia's imminent invasion of Ukraine.
The tech-heavy Nasdaq composite tumbled 2.78 percent Friday (local time), and the Dow Jones Industrial Average declined 1.43 percent.
Investors also fret over the possibilities that the US Federal Reserve may accelerate rate hikes to reign in the price pressure.
"Investors are wondering whether the US Federal Reserve will hold an emergency meeting about the (high-flying) price pressure," said HI Investment & Securities analyst Park Sang-hyun.
"Concerns about quick rate hikes and the Ukraine case kept local stocks from rebounding," Park said.
In Seoul, market bellwether Samsung Electronics lost 1.6 percent to 73,700 won, and battery maker LG Energy Solution dropped 3.94 percent to 463,000 won.
Internet portal operator Naver declined 1.68 percent to 322,000 won, and leading carmaker Hyundai Motor declined 3.55 percent to 176,500 won.
Among gainers, no. 2 chipmaker SK hynix added 0.38 percent to 132,500 won, and Samsung Biologics advanced 1.19 percent to 763,000 won as the country's new COVID-19 cases topped 50,000 for a fifth consecutive day.
The local currency closed at 1,191.1 won against the US dollar, up 7.4 won from the previous session's close. (Yonhap)
