SEOUL – The Seoul stock market closed nearly one percent lower on Tuesday, with investor sentiment dampened by anticipation of the US Federal Reserve's upcoming rate decision and key earnings announcements from global technology companies.
According to Yonhap News Agency, an analyst at Daishin Securities, the decline was influenced by significant selling by foreign and institutional investors amid a cautious market environment. The Korea Composite Stock Price Index (KOSPI) fell by 27.34 points, or 0.99 percent, to close at 2,738.19. Despite strong buying by individual investors, totaling 729.2 billion won, it was not enough to offset the larger sales by institutions and foreigners, who sold 355.2 billion won and 400 billion won worth of stocks, respectively.
This week, market focus is heavily on the Federal Open Market Committee meeting and earnings from major technology firms, including Apple, Amazon.com, Microsoft, and Samsung Electronics. Among notable stock movements, Samsung Electronics dropped slightly by 0.25 percent to 81,000 won, while SK hynix fell by 3.43 percent. On the positive side, Korea Aerospace Industries surged by 4.58 percent due to better-than-expected earnings, while other sectors like automobiles and semiconductors saw declines.