Seoul shares on Monday extended their losing streak to a fourth session amid ongoing domestic political turbulence caused by a short-lived martial law attempt. The South Korean won fell for a fifth consecutive day against the US dollar.
The benchmark Korea Composite Stock Price Index shed 5.28 points, or 0.22 percent, to close at 2,399.49 on the last trading session for 2024.
Trade volume was slim at 239 million shares worth 3 trillion won ($2.04 billion), with losers outnumbering gainers 803 to 115.
Foreigners sold a net 172.5 billion won and individuals bought a net 214 billion won. Institutions offloaded a net 114 billion won.
The South Korean financial market has been roiled by escalating political upheaval after President Yoon Suk Yeol's short-lived martial law declaration on Dec. 3, which led to the passage of an impeachment motion against him.
Last week, an impeachment motion for acting President Han Duck-soo was also passed, handing over the helm of the government to Finance Minister Choi Sang-mok.
Also, the incoming Trump administration's high tariffs and a shift in other economic policies have added downward pressure on the local stock market.
"While there was some optimism for a breakthrough in the run-up to the passage of the president's impeachment motion, the prolonged phase of political uncertainties is raising concerns about the potential negative impact on South Korea's international credibility," Lee Kyung-min, a researcher at Daishin Securities, said.
Chipmakers and automotive shares led the overall decline, with market heavyweight Samsung Electronics dropping 0.93 percent to 53,200 won and top automaker Hyundai Motors sliding 1.40 percent to 212,000 won.
Financial shares and shipyards also finished in negative terrain.
KB Financial slumped 2.47 percent to 82,900 won and HD Hyundai Heavy Industries shed 0.69 percent to 287,500 won.
Low-cost carrier Jeju Air plunged 8.65 percent to 7,500 won and its parent Aekyung Holdings plummeted 12.12 percent to 9,640 won following a deadly Jeju Air plane crash that claimed 179 lives Sunday, marking the worst-ever aviation disaster in South Korea.
In contrast, bio shares and refiners advanced.
Samsung Biologics jumped 1.61 percent to 949,000 won and leading refiner SK Innovation gained 0.90 percent to end at 112,000 won.
The local currency was trading at 1,472.50 won against the greenback at 3:30 p.m., down 5 won from the previous session and down for the fifth consecutive trading day, the lowest since 2009 in the aftermath of the global financial crisis, as demand for safer assets and year-end settlements increased. (Yonhap)
