Seoul:South Korean shares saw a significant drop late Monday morning as investors capitalized on profits from major tech stocks.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) fell by 167.51 points, or 2.37 percent, to 6,913.41 at 11:20 a.m. This decline followed an opening that was already down by 0.33 percent, driven by a strong sell-off from foreign and institutional investors.
The market is currently grappling with various factors, including rising bond yields and uncertain outcomes of the Middle East crisis, affecting investor sentiment. Most of the market's leading companies experienced declines, with top-cap Samsung Electronics dropping 4.29 percent and SK hynix falling 4.73 percent.
SK Square, the parent of SK hynix, saw a notable decrease of 7.23 percent, while Samsung Electro-Mechanics, an affiliate of Samsung Electronics, fell by 0.8 percent after initially opening higher.
The Korean won was trading at 1,361.2 won against the U.S. dollar by 11:20 a.m., marking a decrease of 4.2 won compared to the previous session's closing rate.