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Stock prices

South Korean Stocks Finish Lower Amid Tech Losses and Caution

Strategic Insights

— 1 min read

South Korean stocks finished lower on Friday, led by tech losses, as investors took a breather following recent rallies. The Korean won fell against the U.S. dollar, and the benchmark Korea Composite Stock Price Index (KOSPI) lost 16.06 points, or 0.46 percent, to close at 3,445.24. Trade volume was moderate, with losers outnumbering winners 635 to 242. Foreigners and institutions sold a net 307.89 billion won and 335.68 billion won worth of shares, respectively, while retail investors bought a net 535.02 billion won.

Key Takeaways:

  • The KOSPI lost 16.06 points, or 0.46 percent, to close at 3,445.24, a day after hitting a record high of 3,461.30.
  • Tech shares, including Samsung Electronics, SK hynix, LG Energy Solution, and LG Chem, were major contributors to the losses.
  • Retail investors bought a net 535.02 billion won, while foreigners and institutions sold a net 307.89 billion won and 335.68 billion won worth of shares, respectively.
  • Bankers cite "optimism and caution" in the market, with the recent rally demonstrating market momentum comparable to the surge seen during the COVID-19 pandemic era.
  • Expectations for the Federal Reserve's interest rate cut and the Seoul government's decision to scrap a plan to lower the threshold of major shareholders subject to the capital gains tax contributed to the KOSPI's surge of 3.02 percent from a week ago.

Statistics:

  • The KOSPI lost 16.06 points, or 0.46 percent, to close at 3,445.24.
  • Trade volume was 339.5 million shares worth 14.18 trillion won (US$10.15 billion).
  • Losers outnumbered winners 635 to 242.
  • Foreigners sold a net 307.89 billion won worth of shares.
  • Institutions sold a net 335.68 billion won worth of shares.
  • Retail investors bought a net 535.02 billion won worth of shares.
  • The Korean won fell 5.8 won against the U.S. dollar to 1,393.6.
  • Samsung Electronics lost 0.99 percent to 79,700 won.
  • LG Energy Solution retreated 1.41 percent to 349,500 won.

Sources:

  • Yonhap News Agency
  • Kiwoom Securities
  • South Korea government and Federal Reserve.

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