Seoul: South Korean stocks ended a three-day upward trend on Thursday as investors opted to lock in profits following a period of eased tariff concerns. The local currency, the won, experienced a significant rise against the U.S. dollar.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) declined by 19.21 points, or 0.73 percent, closing at 2,621.36. The index had shown gains from Monday through Wednesday, bolstered by optimism surrounding a trade agreement between the United States and China earlier in the week.
Trade volume was moderate, with 333.4 million shares exchanged, valued at 7.13 trillion won (US$5.13 billion). The number of losing stocks outpaced gaining ones, with 592 decliners compared to 296 advancers. Institutional investors led the sell-off, offloading a net 385.8 billion won. In contrast, foreign investors acquired a net 264.4 billion won, while individual investors purchased a net 71.7 billion won.
Major stocks mostly closed lower, with chipmakers among the hardest hit. Samsung Electronics dipped 0.17 percent to 57,300 won, and SK hynix fell 2.67 percent to 200,500 won. In the automotive sector, Hyundai Motor dropped 2.13 percent to 192,900 won, while Kia decreased by 1.3 percent to 91,200 won. In the pharmaceutical industry, Celltrion slid 0.52 percent to 153,500 won, and instant noodle producer Nongshim declined 1.66 percent to 415,000 won.
On the other hand, retail giant Shinsegae saw its shares rise 2.06 percent to 168,400 won, spurred by news of its Chairman Chung Yong-jin’s meeting with U.S. President Donald Trump in Qatar.
The local currency was quoted at 1,394.5 won against the U.S. dollar at 3:30 p.m., marking an increase of 25.7 won from the previous session. The won’s ascent has been notable since Wednesday evening, following reports of face-to-face discussions between South Korean and U.S. officials regarding their foreign exchange market policies last week.