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Seoul stocks down for 3rd day on tech slump

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Friday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Friday. (Yonhap)
South Korean stocks ended lower for a third straight day Friday as tech shares declined following the release of weaker-than-expected earnings by major US tech firms. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 38.87 points, or 1.29 percent, to close at 2,970.68 points.

Trading volume was moderate at 535.48 million shares worth 10.789 trillion won ($9.2 billion), with losers outnumbering gainers 663 to 210.

Foreigners and institutions offloaded a combined 1.28 trillion won worth of stocks, outweighing individuals' 1.26 trillion won worth of buying.

"Global supply chain disruptions and concerns over a lack of electricity supplies in China are weighing on investor sentiment in global stock markets," Suh Sang-young, an analyst at Mirae Asset Securities Co., said by phone.

Seoul shares opened higher on overnight gains on Wall Street. But foreigners and institutions turned net sellers on profit taking, and most stocks declined across the board, with tech shares leading market declines.

Market bellwether Samsung Electronics Co. fell 1.3 percent to 69,800 won, and No. 2 chipmaker SK hynix Inc. dropped 3.3 percent to 103,000 won.

Among gainers, Daewoo Shipbuilding & Marine Engineering Co. rose 2.6 percent to 25,800 won and S-Oil Corp. climbed 0.9 percent to 103,500 won.

The local currency closed at 1,168.50 won against the US dollar, up 1.10 won from the previous session's close. (Yonhap)
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