Seoul Stocks Dip as Foreign Investors Offload Major Tech and Battery Shares

Seoul: South Korean stocks ended on a lower note for the third consecutive day, influenced primarily by a significant sell-off by foreign investors in major technology and battery companies. The Korea Composite Stock Price Index (KOSPI) saw a decline of 0.59 percent, dropping 15.48 points to close at 2,593.82, despite opening with slight gains earlier in the day. According to Yonhap News Agency, the trading volume was relatively low, with 259.1 million shares exchanged, valued at approximately 8.1 trillion won (US$5.9 billion). The market dynamics showed a stark contrast between losing and winning stocks, with 589 decliners significantly outnumbering the 267 advancers. This trend was mirrored in the substantial outflow of capital by foreign investors, who sold off 479.7 billion won worth of shares, overshadowing the 455.9 billion won accumulated through purchases by retail investors and institutions. In the tech sector, major companies faced notable losses. Samsung Electronics saw a decrease of 0.84 percent in its stock price, closing at 59,200 won. SK hynix, another leading semiconductor company, experienced a sharper drop of 4.44 percent, ending at 187,300 won. Hanmi Semiconductor, known for its chip equipment production, plummeted by 10.4 percent to 104,200 won. The battery industry also did not escape the downward trend, with LG Energy Solution falling by 2.14 percent to 388,500 won and Samsung SDI decreasing by 1.2 percent to 330,000 won. The automotive sector similarly recorded declines, with Hyundai Motor and Kia closing lower at 234,500 won and 95,100 won, respectively. However, not all sectors fared poorly. Samsung Biologics experienced a significant rise, soaring 3.31 percent to 1.06 million won. The financial sector also saw some positive movements, with KB Financial rising by 0.75 percent to 94,400 won and Meritz Financial climbing by 2.22 percent to 106,000 won. In the tech space, internet companies like Naver and Kakao made gains, with stocks up 1.03 percent and 3.08 percent, respectively. The S outh Korean won weakened against the U.S. dollar, closing at 1,369.7 won, down by 1.1 won from the previous session's close.