South Korean stocks fell more than 1 percent Monday on losses in big-cap tech shares as investors doubted there will be future rate cuts by the Federal Reserve, given strong data on the US economy. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index lost 26.22 points, or 1.04 percent, to close at 2,489.56, extending the losing streak to a second session.
Trade volume was moderate at 569.34 million shares worth 8.89 trillion won ($6.04 billion), with losers outnumbering winners 637 to 261.
Foreigners sold a net 878.67 billion won, while retail and institutional investors bought a net 746.47 billion won and 25.38 billion won worth of shares, respectively.
"A better-than-expected jobs report once again indicated a resilient US economy, which would cause the Fed to take a cautious stance on further interest rate cuts. Following marked gains in recent sessions, the Kospi is projected to lose ground," Lee Kyung-min, an analyst at Daishin Securities, said.
On Friday, the Dow Jones Industrial Average and the tech-heavy Nasdaq composite dipped 1.63 percent each.
Tech blue chips came under heavy downward pressure to drag down the index.
Market bellwether Samsung Electronics sank 2.17 percent to 54,100 won, and chip giant SK hynix dipped 4.52 percent to 194,300 won.
Leading electric vehicle battery maker LG Energy Solution shed 0.29 percent to 347,500 won, while top chemicals manufacturer LG Chem retreated 1.63 percent to 241,000 won.
Carmakers finished lower. Top automaker Hyundai Motor dropped 2.65 percent to 220,000 won, and its sister affiliate Kia inched down 0.19 percent to 105,400 won.
Top steelmaker Posco Holdings decreased 1.91 percent to 257,000 won.
Major bio shares traded mixed. Samsung Biologics advanced 1.2 percent to 1,012,000 won, while Celltrion slid 0.7 percent to 183,800 won.
Among gainers, No. 1 portal operator Naver rose 0.99 percent to 204,000 won, and leading financial firm KB Financial Group soared 1.71 percent to 89,300 won.
The local currency was quoted at 1,470.8 won against the greenback at 3:30 p.m., down 5.8 won from the previous session. (Yonhap)
