SEOUL – South Korean stocks experienced a downturn late Friday morning, largely driven by sell-offs from foreign and institutional investors. The benchmark Korea Composite Stock Price Index (KOSPI) witnessed a 0.84 percent decrease, falling 21.41 points to reach 2,513.88 by 11:20 a.m.
According to Yonhap News Agency, The sell-off by foreign investors and institutions, which amounted to a net 420.8 billion won (approximately US$323.5 million), was a primary factor in the index’s decline. Major companies’ shares saw notable losses, contributing to the overall downturn in the market. Samsung Electronics, a key player in the market, dropped 1.1 percent, while LG Energy Solution, another prominent firm, plunged by 4.62 percent. SK hynix, a leading chipmaker, retreated by 1.79 percent, and Samsung SDI, a major battery manufacturer, fell by 3.92 percent.
However, not all sectors saw declines. Pharmaceutical firms showed positive movement, with Celltrion increasing by 0.49 percent and SK bioscience climbing by 1.18 percent. In the foreign exchange market, the South Korean won weakened against the U.S. dollar, trading at 1,300.75 won, down 10.75 won from the previous session’s close.