South Korean stocks dropped 0.75 percent Friday as concerns over slowing economic growth in China and political tensions surrounding Ukraine reduced appetite for risky assets, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index shed 14.48 points to 1,919.90, falling for a second consecutive day.
Trading volume was moderate at 251 million shares worth 3.98 trillion won ($3.71 billion), and losers outnumbered gainers 514 to 282.
On Thursday, China said its industrial output and retail sales grew at a weaker-than-expected pace for the first two months of the year, fanning worries over a slowdown in the world’s No. 2 economy, which in turn will hurt earnings of major firms here.
Also, escalating tensions in Ukraine sapped investor sentiment, according to analysts.
“A set of data released this week raises questions about the Chinese economy,” said Kang Hyun-gie, an analyst at IM Investment & Securities Co. “Investors are now increasingly wary of economic slowdown in China.”
Foreigners extended their selling binge to the fifth consecutive session with a net selling of 473 billion won.
Tech shares, shipbuilders and steelmakers led the overall market decline. (Yonhap)
