Home > Business > Finance

Kospi slides 1.45% as tech, financial shares nose-dive

Published: 31 Oct. 2024, 17:20

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,556.15 points on Thursday, down 1.45 percent, or 37.64 points, from the previous trading session. [NEWS1]

Shares closed almost 1.5 percent lower Thursday as tech and financial shares sharply lost ground. The local currency was rising against the dollar.

The benchmark Kospi lost 37.64 points, or 1.45 percent, to close at 2,556.15. The Kosdaq gained 4.87 points, or 0.66 percent, to close at 743.06.

Trading volume was a touch slim at 396.7 million shares worth 10.7 trillion won ($7.75 billion), with winners slightly outnumbering losers 473 to 401.

Overnight, Wall Street finished lower on the losses of chip companies, including AMD and Nvidia.

Analysts said a sell-off by foreign investors dragged down the Kospi, which has no special momentum to improve market sentiment at the moment.

Foreigners dumped 863.5 billion won worth of local shares to offset a combined purchase of 894.4 billion won by retail investors and institutions.

Samsung Electronics edged up 0.17 percent to 59,200 won after the company said in an earnings conference call that it expects an increase in HBM3E sales in the fourth quarter.

But its chipmaking rival SK hynix slid 4.46 percent to 186,300 won.

Financial shares were among the biggest losers.

KB Financial dipped 3.83 percent to 90,300 won and Shinhan Financial tumbled 5.87 percent to 51,300 won. Samsung C&T shot down 9.93 percent to 117,000 won.

Bio and auto shares also ended in negative territory.

Samsung Biologics dropped 2.81 percent to 1 million won and Celltrion retreated 2.77 percent to 182,500 won.

Hyundai Motor decreased 2.49 percent to 215,000 won and Kia lost 2.34 percent to 91,900 won.

Korea Zinc, the world's largest zinc smelter in the middle of a management control battle, plunged 7.68 percent to 998,000 won due to its capital increase plan.

The local currency was trading at 1,379.9 won against the U.S. dollar as of 3:30 p.m., down 2.5 won from the previous session.

Bond prices, which move inversely to yield, closed lower. The yield on three-year government bonds gained 0.5 basis points to 2.942 percent, and the return on the benchmark U.S. 10-year government bond rose 4.4 basis points to 4.299 percent.

BY CHO YONG-JUN, YONHAP [[email protected]]