Stocks drop for a second day following falls in U.S. markets

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Stocks drop for a second day following falls in U.S. markets

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,930.17 points on Wednesday, down 32.29 points, or 1.09 percent, from the previous trading day. [YONHAP]

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,930.17 points on Wednesday, down 32.29 points, or 1.09 percent, from the previous trading day. [YONHAP]

 
Korean stocks slumped more than 1 percent Wednesday amid concerns about rising inflation. The Korean won fell against the dollar.
 
The benchmark Kospi decreased 32.29 points, or 1.09 percent, to close at 2,930.17 points.
 
Trading volume was moderate at about 559 million shares worth some 9.5 trillion won ($8 billion), with losers outnumbering gainers 807 to 86.
 
Institutions sold a net 236 billion won, while retail investors bought 235 billion won. Foreigners offloaded a net 24 billion won.
 
Stocks had a lackluster start as investors are worried the rising inflation pressure may advance the Federal Reserve's tapering timeline.
 
Overnight, the tech-heavy Nasdaq composite lost 0.6 percent, and the Dow Jones Industrial Average retreated 0.31 percent.
 
"The strong price indicators in the United States and China seem to have triggered a stock fall here," said Eugene Investment & Securities analyst Huh Jae-hwan.
 
Most large caps closed lower in Seoul.
 
Samsung Electronics decreased 0.43 percent to 70,200 won and chipmaker SK hynix shed 0.46 percent to 108,500 won.
 
Electric car battery maker LG Chem moved down 3.9 percent to 739,000 won, and pharmaceutical giant Samsung Biologics retreated 0.73 percent to 820,000 won. Carmaker Hyundai Motor shed 2.11 percent to 208,500 won.
 
Internet portal operator Naver fell 0.72 percent to close at 414,500 won, while Kakao also lost 1.2 percent to close at 124,000 won.
 
Game companies also fell, with game publishers NCSoft losing 3.51 percent to close at 605,000 won, Netmarble closing 0.38 percent lower at 131,000 won and Kakao Games falling 7.21 percent to close at 91,400 won.
 
Krafton, however, rose 4.08 percent and closed at 484,500 after it was announced on Tuesday that its online mobile shooting game PUBG Mobile was chosen as one of the eight Esports games for the 2022 Hangzhou Asian Games by the Olympic Council of Asia.
 
The local currency closed at 1,180.9 won against the U.S. dollar, up 3.7 won from the previous session's close.
 
The Kosdaq lost 20.93 points, or 2.07 percent, to close at 987.75.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds gained 1.1 basis points to 1.876 percent, and the yield on the benchmark 10-year government bond fell 5 basis points to 1.43 percent.

BY YOON SO-YEON, YONHAP [yoon.soyeon@joongang.co.kr]
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