South Korean stocks ended lower Wednesday due to losses in tech shares amid concerns over their earnings. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.09 points, or 0.88 percent, to close at 2,610.36, ending the two-session winning streak.
Trading volume was moderate at 429.5 million shares worth 9.8 trillion won (US$7.2 billion), with losers outnumbering gainers 551 to 323.
Foreign investors led the daily drop, dumping a net 664.3 billion won, while individuals scooped up a net 655.5 billion won. Institutions sold a net 35 billion won.
Overnight, U.S. stocks closed sharply lower due to poorer-than-expected earnings outlooks for chip equipment-maker ASML Holdings.
The Dow Jones Industrial Average fell 0.75 percent, and the tech-heavy Nasdaq Composite tumbled 1.01 percent.
In Seoul, semiconductor shares were the biggest losers.
Samsung Electronics, the largest memory chipmaker, retreated 2.46 percent to 59,500 won and its chipmak
ing rival SK hynix declined 2.18 percent to 188,700 won.
Hanmi Semiconductor, a leading chip equipment producer, tumbled 2.95 percent to 108,700 won.
Major shipbuilder HD Korea Shipbuilding and Offshore Engineering decreased 1.13 percent to 192,900 won and No. 1 zinc smelter Korea Zinc fell 0.98 percent to 809,000 won.
Financial stocks also closed in negative terrain in the face of profit taking.
Shinhan Financial Group dropped 2.42 percent to 56,400 won and F and B giant Nongshim dipped 1.3 percent to 380,500 won.
But leading battery maker LG Energy Solution rose 0.25 percent to 404,500 won and Hyundai Mobis, Hyundai Motor’s auto parts affiliate, soared 7.81 percent to 241,500 won.
The local currency was trading at 1,362.6 won against the U.S. dollar at 3:30 p.m., down 1.3 won from the previous session.
Source: Yonhap News Agency