Seoul:Shares in Seoul ended lower on Thursday, marking a third straight session of losses as rising oil prices fueled inflation concerns. Meanwhile, the Korean won appreciated against the U.S. dollar.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) began the day 0.07 percent higher but eventually fell, closing down 177.97 points, or 2.62 percent, at 6,625.93. This decline follows similar drops in the U.S. market, where the Dow Jones Industrial Average decreased by 0.66 percent and the Nasdaq Composite by 0.22 percent.
The trading session saw institutions and foreign investors selling a net 1.67 trillion won (approximately US$1.24 billion) and 1.99 trillion won in stocks, respectively. In contrast, individual investors purchased a net 2.9 billion won worth of shares.
Investor sentiment was cautious as elevated oil prices continued to exert inflationary pressure, and the U.S. Federal Reserve indicated the possibility of interest rate hikes this year to control inflation.
As of 330 p.m., the Korean won was trading at 1,338.5 against the U.S. dollar, an improvement from 1,340.4 at the close of the previous trading session.