Seoul shares down for 3rd day amid inflation worries
Seoul shares closed lower Thursday to extend their losses for a third consecutive session, as elevated oil prices stoked inflation worries. The Korean won rose against the U.S. dollar. After opening 0.07 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) turned lower to close down 177.97 points, or 2.62 percent, at 6,625.93. This comes as the Dow Jones Industrial Average fell…
South Korean stocks slipped for a third day on Thursday, as higher oil prices fueled inflation concerns. The nation's key stock index, the Korea Composite Stock Price Index (KOSPI), dropped 177.97 points, or 2.62%, to 6,625.93. This follows a 0.66% decline in the Dow Jones Industrial Average and a 0.22% fall in the tech-focused Nasdaq Composite overnight.
Investors sold a combined 3.66 trillion won worth of shares, with institutions and foreigners leading the exodus. Meanwhile, local investors bought 2.9 billion won worth of stocks. Tech companies were the primary drivers of the downturn, with Samsung Electronics falling 2.42% to 262,000 won and SK hynix sliding 2.44% to 1.68 million won.
Hanwha Aerospace tumbled 8.33% to 891,000 won, and shipping firm Daewoo Shipbuilding & Marine Engineering also declined. The U.S. Federal Reserve has hinted at potential rate hikes later this year to combat inflation, causing investors to become more cautious.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- (2nd LD) Seoul shares down for 3rd day amid inflation worries en.yna.co.kr
- Seoul shares down for 3rd day amid inflation worries koreatimes.co.kr
