The Korea Times
Stocks end lower on tech, financial losses
Stocks finished slightly lower Tuesday, dragged down by losses in tech and financial shares amid woes over possible regulations, analysts said. The Korean won rose to a more than three-year high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 1.73 points, or 0.07 percent, to close at 2,442.43. Trade volume was moderate at 487.4 million shares worth 7.6 trillion won ($7.24 billion), with losers outnumbering gainers 424 to 399.
The local stock market opened lower taking a cue from overnight losses on Wall Street and remained in negative terrain as investors pulled out money, mainly from the tech and financial sectors, amid looming regulations, according to analysts.
“A number of factors that could directly affect the business conditions and profits of the tech industry are present in early April,” Jeong Da-i, an analyst at Meritz Securities, said.
Foreigners and institutions dumped a net 96.6 billion won and 26.9 billion won worth of local stocks, respectively, while individual investors bought 129.6 billion won.
Market bellwether Samsung Electronics fell 0.87 percent to 2,406,000 won, and flat panel maker LG Display dropped 1.56 percent to close at 25,300 won. SK hynix, a major chipmaker, was up 0.62 percent to 81,800 won.