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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 Wednesday. (Yonhap) |
Seoul shares snapped a three-session winning streak Wednesday as hotter-than-expected US inflation data for January cooled investor sentiment. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index fell 29.22 points, or 1.1 percent, to close at 2,620.42.
Trade volume was moderate at 534.17 million shares worth 9.93 trillion won ($7.4 billion), with decliners outnumbering gainers 509 to 378.
Institutions sold a net 535.25 billion won worth of stocks, offsetting foreigners and individuals' stock purchases valued at 519 billion won.
Overnight, the Dow Jones Industrial Average fell 1.4 percent to 38,272.75, and the tech-heavy Nasdaq declined 1.8 percent to 15,655.60.
Investors have been expecting the US Federal Reserve to start cutting interest rates this year amid hope for eased inflation. But January's consumer price index report threw cold water on such expectations, analysts said.
In Seoul, tech, auto and airline stocks led declines.
Market bellwether Samsung Electronics Co. fell 1.6 percent to 74,000 won, No. 2 chipmaker SK hynix Inc. declined 0.9 percent to 148,700 won, top carmaker Hyundai Motor Co. dropped 1.4 percent to 245,500 won, and national flag carrier Korean Air Co. shed 1.5 percent to 23,300 won.
Among gainers, Posco Future M Co., the battery materials unit of Posco Holdings Inc., rose 3.4 percent to 285,500 won, Hankook Tire & Technology Co. climbed 2.8 percent to 54,400 won, and Hybe, the parent company of K-pop superband BTS' management agency BigHit, jumped 6.3 percent to 218,500 won.
The local currency closed at 1,335.40 won against the greenback, down 7.3 won from the previous session's close. (Yonhap)
