(2nd LD) Seoul shares down for 3rd day amid inflation worries

Seoul shares witnessed a third consecutive day of losses on October 8 as elevated oil prices fueled inflation concerns, according to Yonhap reports. The Korean won climbed against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) ended the day down 177.97 points, or 2.62 percent, at 6,625.93. This follows a decline in the Dow Jones Industrial Average by 0.66 percent and a drop in the tech-heavy Nasdaq Composite by 0.22 percent overnight.

Institutions and foreigners collectively sold stocks worth a net 1.67 trillion won (US$1.24 billion) and 1.99 trillion won, respectively, while domestic investors bought stocks worth a net 2.9 billion won. Market giants such as Samsung Electronics, SK hynix, Hanwha Aerospace, and HMM all experienced declines, with Samsung Electronics dropping 2.42 percent to 262,000 won and SK hynix falling 2.44 percent to 1.68 million won.

In contrast, battery manufacturers Samsung SDI and LG Energy Solution saw gains, with their stocks rising 1.25 percent to 569,000 won and 2.56 percent to 401,000 won, respectively. The Korean won closed at 1,338.5 won per U.S. dollar, down from 1,340.4 won from the previous session's close. Bond prices, which inversely correlate with yields, fell, with the yield on three-year Treasurys rising 2.2 basis points to 3.983 percent and the return on five-year government bonds increasing 2.4 basis points to 4.158 percent.