Seoul shares dip over 2% ahead of US economic data; won at 9-month high

Seoul shares fell by more than 2 percent Monday as investors remained on the sidelines ahead of the releases of key economic data in the United States later this week. The local currency ended at a 9-month high against the US dollar.

The benchmark Korea Composite Stock Price Index dropped 2.13 percent, or 56.51 points, to 2,593.27.

Trading volume was moderate at 352.4 million shares worth 10.5 trillion won ($8.03 billion), with losers outnumbering winners 708 to 181.

Institutions and foreign investors dumped a net 1.21 trillion won worth of local shares, while retail investors purchased a net 1.19 trillion won worth of shares combined.

Market watchers said investors were apparently taking a wait-and-see approach ahead of the release of the US manufacturing purchasing managers index for September and the latest jobs data due this week.

Kim Ji-won, an analyst at KB Securities, said the market's focus this week will likely center around the US employment data results and discussions from the US vice presidential candidates' debate.

"With market closures scheduled for this week due to holidays, a wait-and-see approach is expected to dominate," Kim added.

Most blue chips fell across the board, with chip and bio shares leading the overall decline. Market heavyweight Samsung Electronics plunged 4.21 percent to 61,500 won, and Samsung Biologics slipped 0.91 percent to 977,000 won.

Automotive and financial shares also lost ground. Top automaker Hyundai Motor plummeted 4.13 percent to 244,000 won, and top financial firm Kookmin Financial fell 3.46 percent.

Steelmakers and refiners also retreated. Leading steelmaker Posco Holdings shed 0.39 percent to end at 385,000 won, and top refiner fell 1.35 percent to 117,100 won.

The local currency was trading at 1,307.8 won against the US dollar, up 10.8 won from the previous session, the highest since January 3, 2024, when the comparable reading was 1,304.8. (Yonhap)