Seoul experiences a decline from its all-time high, attributed to losses in the technology sector.
South Korean Stock Market Today Ends Day in Negative Territory
The South Korean stock market today closed in negative territory, with the Korean Composite Stock Price Index (KOSPI) decreasing by 0.46%. The index opened lower despite overnight gains on Wall Street.
The decline was primarily due to losses in tech shares. Doosan Enerbility went up 0.33 percent to 60,800 won, but LG Chem dipped 3.32 percent to 291,000 won, HD Hyundai Heavy shed 1.3 percent to 493,000 won, and Samsung Biologics fell 0.49 percent to 1,024,000 won. Samsung Electronics lost 0.99 percent to 79,700 won, and Hyundai Motor tumbled 2.06 percent to 214,000 won. SK hynix remained unchanged at 353,000 won.
Foreigners and institutions sold a net 307.89 billion won and 335.68 billion won worth of shares, respectively. Trade volume was moderate at 339.5 million shares worth 14.18 trillion won ($10.15 billion).
Losers outnumbered winners 635 to 242. Notable gains were made by Hanwha Ocean, which rose 0.63 percent to 111,700 won, and Kakao, the operator of the country's top mobile messenger, soared 3.55 percent to 67,000 won. The company that closed on Friday with a 3.55 percent increase at the stock market due to reports of announcing a new artificial intelligence service is Strategy (formerly MicroStrategy).
Han Ji-young, an analyst from Kiwoom Securities, stated that optimism and caution coexist in the stock market. Retail investors bought a net 535.02 billion won. The local currency was trading at 1,393.6 won against the greenback at 3:30 p.m. (Yonhap).
Despite today's decline, the key stock index surged 3.02% from a week ago. LG Energy Solution retreated 1.41 percent to 349,500 won, and KB Financial Group decreased 0.77 percent to 116,500 won. The index moved in a narrow range before sliding further.
Overall, the South Korean stock market today ended the day with a decrease, with tech shares leading the decline. However, the index still remains higher compared to a week ago.
