Seoul: Seoul shares saw a significant decline late Friday morning as investors engaged in profit-taking, particularly in technology and other large-cap stocks. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 107.49 points, or 1.7 percent, reaching 6,199.78 by 11:20 a.m.
According to Yonhap News Agency, the index had previously achieved a record high of 6,307.27 on Thursday, following a winning streak of six consecutive sessions with a 3.67 percent increase. In contrast, U.S. markets closed with mixed results overnight, with the Dow Jones Industrial Average inching up 0.03 percent, while the Nasdaq Composite, known for its tech focus, decreased by 1.18 percent.
Foreign investors were net sellers, offloading stocks worth 4.11 trillion won (US$2.85 billion). This selling activity overshadowed the stock purchases by institutions and individuals, which amounted to 306.6 billion won and 3.68 trillion won, respectively.
In the Seoul market, technology and automotive stocks were the primary contributors to the decline. Samsung Electronics, considered a market bellwether, fell by 1.61 percent, while SK hynix, a major player in the chip industry, saw a decline of 3.55 percent. Hyundai Motor, a leading automobile manufacturer, dropped 1.31 percent, and POSCO Holdings, a top steelmaker, decreased by 0.25 percent.
Conversely, some stocks bucked the trend and recorded gains. HD Hyundai Heavy Industries, a prominent shipbuilder, increased by 2.2 percent, and Korea Aerospace Industries, the country's sole aircraft manufacturer, surged by 6.53 percent.
The Korean won was trading at 1,437.65 against the U.S. dollar as of 11:20 a.m., marking a decrease of 11.85 won from the previous session.