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Electronic signboards at the trading room of Hana Bank in Seoul show the benchmark Kospi closed at 3,217.95 on Friday, fell 34.73 points or 1.07 percent from the previous session's close. (Yonhap) |
South Korean stocks slumped for the third day in a row Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus, to rein in the fast spreading COVID-19. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) slumped 34.73 points, or 1.07 percent, to close at 3,217.95 points.
Trading volume was moderate at about 1.3 billion shares worth some 16.2 trillion won ($14.1 billion), with losers outnumbering gainers 739 to 149.
Foreigners dumped a net 1.3 trillion won, the largest daily sell-off since May 13. Retail investors bought a net 1.8 billion won, while institutions offloaded a net 509 billion won.
After a lackluster start, the Kospi deepened its losses as foreign selling increased as the government decided to place the wider Seoul area under the highest level of virus curbs.
The country added 1,316 new daily cases of COVID-19 on Friday, marking the highest number since the first confirmed virus case on Jan. 20, 2020.
Starting Monday, private gatherings of three or more people will be banned after 6 p.m., with bars, sports stadiums and in-person classes ordered to close.
"Investor sentiment turned sour on the news amid woes over the potential surge leading to a slowdown in the economic recovery," Korea Investment & Securities analyst Kim Dae-joon said.
Most large caps closed lower in Seoul.
Market kingpin Samsung Electronics fell 0.63 percent to 79,400 won, and No. 2 chipmaker SK hynix shed 1.65 percent to 119,500 won.
Pharmaceutical top cap Samsung Biologics decreased 0.7 percent to 857,000 won, and internet portal operator Naver retreated 1.54 percent to 415,500 won.
Giant chemical firm LG Chem slumped 3.03 percent to 833,000 won, and the country's largest automaker Hyundai Motor lost 1.53 percent to 226,000 won.
Among gainers, renewable battery maker Samsung SDI advanced 0.55 percent to 736,000 won, and SK Telecom gained 1.58 percent to 322,000 won.
The local currency closed at 1,149.1 won against the US dollar, down 4.1 won from the previous session's close. (Yonhap)
