South Korean stocks went further south Wednesday after reaching a yearly low in the previous session as foreigners and individuals dumped large-cap tech and bio shares.
The local currency rose against the US dollar.
The benchmark Korea Composite Stock Price Index dropped 8.52 points, or 0.4 percent, to close at 2,097.58. Trading volume was moderate at 373.7 million shares worth 5.89 trillion won ($5.2 billion), with losers overwhelming winners 607 to 242.
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(Yonhap) |
The local stock market started higher on the back of institutional buying but changed course to hit its lowest level since March last year. It marked the first time that the main index closed below the 2,100 mark since it stood at 2,097.35 on March 10, 2017.
"A series of issues from home and abroad pressed on the index, from the US-China trade war to political uncertainties stemming from Saudi Arabia, as well as sharp drops in local bio shares," said Lee Kyoung-min, an analyst at Daishin Securities.
Foreigners and individuals dumped a net 331.6 billion won and 260 billion won worth of local stocks, respectively, while institutions picked up a net 580.7 billion won.
Market bellwether Samsung Electronics declined 1.16 percent to 42,550 won, and SK hynix, a major chipmaker, fell 3.47 percent to 66,700 won.
Battery maker Samsung SDI nosedived 7.1 percent to 222,500 won.
Celltrion plunged 8.52 percent to 225,500 won. The pharmaceutical giant had already dropped more than 8 percent the previous day after it was reported that Singaporean sovereign wealth fund Temasek, the Korean firm's second-largest shareholder, sold 895.4 billion won worth of its shares in a block deal.
Samsung Biologics was down 3.59 percent to 402,500 won.
Chemical shares rallied following reports that the US International Trade Commission has decided not to issue anti-dumping duty orders on polyethylene terephthalate resin imports from South Korea.
Lotte Chemical jumped 6.45 percent to end at 272,500 won, and LG Chem was up 0.46 percent to 330,500 won.
Top steelmaker POSCO increased 1.92 percent to 266,000 won, after announcing a solid third-quarter performance Tuesday.
The South Korean currency closed at 1,132.30 won against the US dollar, up 5.3 won from the previous session's close.
Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys rose 1.8 basis points to 2.007 percent, and the return on benchmark five-year government bonds added 0.9 basis point to 2.142 percent. (Yonhap)
