Seoul stocks dip over 1% on China uncertainties

South Korean stocks fell more than 1 percent Friday amid rising uncertainties related to China's clampdown on its tech firms. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) slumped 40.33 points, or 1.24 percent, to close at 3,202.32 points. The figure marks the index's largest daily drop since May 13.

Trading volume was moderate at about 677 million shares worth some 12.6 trillion won ($11 billion), with losers outnumbering gainers 643 to 213.

Foreigners sold a net 710 billion won, while retail investors bought 1.26 trillion won. Institutions offloaded a net 577 billion won.

The KOSPI got off to a lackluster start on investors' attempts to cash in recent gains.

Stocks steeply fell in the late afternoon, tracking overall tech losses in the Asian stock markets, including Hong Kong, China and Japan.

The loss came in the wake of foreign and institutional selling, largely triggered by China's move to overhaul its tech firms and property market earlier this week.

Auto, bio and tech large caps declined in Seoul, leading the KOSPI's retreat.

"As long as the Chinese regulation issue remains unresolved, foreign investors are likely to take out their cash from the emerging financial markets," KB Securities analyst Ha In-hwan said.

In Seoul, Samsung Electronics lost 0.63 percent to 78,500 won, and No. 2 chipmaker SK hynix retreated 1.32 percent to 112,500 won.

Top automaker Hyundai Motor declined 1.8 percent to 218,000 won, and internet portal operator Naver moved down 1.37 percent to 433,500 won. Leading chemical firm LG Chem added 0.84 percent to 842,000 won, while pharmaceutical firm Samsung Biologics decreased 2.31 percent to 890,000 won.

The local currency closed at 1,150.3 won against the US dollar, down 3.8 won from the previous session's close. (Yonhap)