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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) |
Seoul shares ended lower to extend their losing streak to a fourth day Friday as investors remain concerned about the Federal Reserve taking further tightening steps. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index fell 15.58 points, or 0.63 percent, to 2,475.42. The Kospi has shed 1 percent this week.
Trading volume was moderate at 782.19 million shares worth 8.21 trillion won ($6.2 billion), with decliners outnumbering gainers 650 to 233.
Institutions and foreigners sold a combined 356 billion won worth of stocks, offsetting individuals' stock purchases valued at 359 billion won.
Recent US inflation data at the wholesale and consumer levels raised hopes that the US central bank will stand pat in June. But investors stay cautious amid uncertainties, like looming worries over US banks.
"With any particular upside or downside momentum missing in the market, foreign investors and institutions offloaded local stocks today," No Dong-kil, an analyst at Shinhan Investment Corp., said.
The US central bank raised interest rates by 0.25 percentage point to a range of 5-5.25 percent, the 10th consecutive hike since March 2022.
In Seoul, tech and airline stocks led losses.
Market bellwether Samsung Electronics Co. fell 0.2 percent to 64,100 won, national flag carrier Korean Air Co. declined 0.4 percent to 22,700 won, leading car battery maker LG Energy Solution dropped 1.1 percent to 547,000 won, and state-run Korea Gas Corp. shed 2.2 percent to 26,500 won.
Among gainers, top carmaker Hyundai Motor Co. rose 0.2 percent to 208,500 won, state utility Korea Electric Power Corp. jumped 1.9 percent to 19,700 won, and steelmaker Posco Holdings gained 0.3 percent to 363,500 won.
Kepco jumped on news that it will sell some property assets and freeze wages of some higher-level employees as part of its self-rescue plans amid snowballing losses.
The local currency ended at 1,334.50 won against the US dollar, down 8.2 won from the previous session's close. (Yonhap)
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