South Korean Stocks Close Lower for Second Day on Foreign Selling
L'essentiel
- South Korean stocks fell for a second consecutive day Wednesday, with the KOSPI index dropping 0.86% due to heavy foreign selling, particularly in chipmakers.
- The Korean won gained slightly against the U.S. dollar.
Résumé généré par IA
SEOUL, May 20 (Yonhap) -- South Korean stocks closed lower Wednesday, extending their losses for a second straight session, as foreign investors continued heavy selling. The local currency gained ground against the U.S. dollar.
After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) lost 62.71 points, or 0.86 percent, to close at 7,208.95.
The index opened 0.72 percent higher but turned lower within about three minutes of trading. It later plunged to as low as 7,053.84 during one point.
Overnight, U.S. stocks extended their decline from recent record highs as rising U.S. Treasury yields and persistent inflation concerns, caused by high oil prices amid the extended tensions in the Middle East, continued to weigh on investor sentiment.
Foreigners extended their sell-offs to a 10th consecutive session, centering on chipmakers and other market heavyweights.
Most market heavyweights traded mixed
After volatile trading, shares of Samsung Electronics inched up 0.18 percent to close at 276,000 won after talks with its largest labor union broke down, a day ahead of a planned major strike at the world's largest memory chipmaker.
In contrast, its chimaking rival SK hynix was unchanged at 1,745,000 won.
The Korean won was quoted at 1,506.8 won against the U.S. dollar at 3:30 p.m., up 1 won from the previous session.
