Stocks extend losing streak to 4th session on external uncertainties

Seoul stocks continued their four-day losing streak on Tuesday as investors grappled with macro uncertainties and concerns raised by AI leaders about the industry's development pace. The Korean won weakened against the U.S. dollar. The KOSPI index dropped 57.11 points, or 0.85 percent, to 6,627.26. Despite the absence of new negative factors, investors appeared particularly sensitive to external uncertainties, including potential interest rate hikes and surging global oil prices.

Lee Kyoung-min, an analyst at Daishin Securities, noted that Brent Crude, the international oil benchmark, surged around 1.6 percent to exceed $107 per barrel following the yield on 10-year U.S. Treasurys surpassing the 5 percent mark. The Federal Reserve's policy-setting meeting, widely anticipated to announce a rate increase, also kept investors on edge.