The Korea Herald

피터빈트

Seoul shares fall sharply ahead of key economic events in US

By Yonhap

Published : July 2, 2024 - 15:58

    • Link copied

An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks fell sharply Tuesday ahead of key economic events in the United States later this week. The local currency traded weaker against the US dollar.

The benchmark Korea Composite Stock Price Index fell 23.45 points, or 0.84 percent, to 2,780.86, ending a two-session winning streak.

Trade volume was moderate at 532.3 million shares worth 11.5 trillion won ($8.28 billion), with decliners sharply outnumbering gainers 691 to 195.

Foreigners and institutions sold a net 30 billion won and 356.5 billion won worth of local shares, respectively, to lead Kospi's downbeat mode, while individuals bought a net 398.5 billion won.

Expert said investors are waiting for the Federal Reserve's June minutes slated for Wednesday and US labor market data slated for Friday, which would set the tone of the US central bank's rate-setting decision.

Techs, autos, retailers and arms companies were among the big losers.

Market bellwether Samsung Electronics stayed unchanged at 81,800 won ahead of its second-quarter earnings guidance scheduled for Friday.

Its chipmaking rival SK hynix retreated 1.49 percent to 232,000 won and Hanmi Semiconductor, a major chip equipment supplier, declined 1.29 percent to 168,600 won.

Top automaker Hyundai Motor sank 4.72 percent to 272,500 won and its sister Kia slipped 3.89 percent to 123,600 won.

Major defense firm Hanwha Aerospace tumbled 3.49 percent to 235,000 won and LIG Nex1 plunged 11.45 percent to 195,700 won.

Leading retailers Lotte Shopping and Shinsegae lost 1.72 percent and 1.01 percent to 62,800 won and 156,700 won, respectively.

The local currency was trading at 1,388.2 won against the greenback as of 3:30 p.m., down 8.9 won from the previous session's close.

Starting Monday, South Korea's foreign exchange market for won-US dollar transactions will operate until 2 a.m. as part of the government's efforts to enhance investors' convenience and improve market access. (Yonhap)