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THE INVESTOR] South Korean stocks slid for a second consecutive session on Aug. 17, due largely to growing expectations of the US Federal Reserve raising interest rates. The Korean won also fell against the US dollar.
The benchmark KOSPI fell 4.01 points, or 0.2 percent, to close at 2,043.75. Trade volume was light at 388 million shares for 4.31 trillion won (US$3.89 billion), with losers outnumbering gainers 540 to 281.
On Tuesday, Fed officials fueled speculation of an interest rate hike this year following data showing that the world’s largest economy is on a recovery track.
Top market cap Samsung Electronics fell 0.13 percent to end at 1,566,000 won, and AmorePacific, the No. 1 cosmetics-maker, rose 0.51 percent to 391,000 won.
SK hynix, a major chipmaker, fell 0.45 percent to 33,550 won.
Naver, the operator of the country’s top internet portal, remained flat at 790,000 won.
Automakers traded in positive terrain, with industry leader Hyundai Motor rising 1.5 percent to 135,000 won.
The local currency closed at 1,108.30 won against the US dollar, sharply weakened 16.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 1.4 basis points to 1.233 percent, and the return on the benchmark five-year government bond added 2.2 basis points to 1.265 percent.
(
theinvestor@heraldcorp.com)
