Kospi down over 2% on deepening concerns

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,415.61 points on Thursday, down 56.44 points, or 2.28 percent, from the previous trading day. [NEWS1]

Stocks fell more than 2 percent Thursday on deepening concerns over aggressive rate hikes by the U.S. Federal Reserve. The won slid to a 13-year low against the dollar.

The Kospi lost 56.44 points, or 2.28 percent, to close at 2,415.61.

Trading volume was moderate at 563.43 million shares worth 8.15 trillion won ($6.12 billion), with decliners outpacing gainers 827 to 78.

Institutions and foreigners shed shares worth 832.4 billion won and 358.7 billion won, respectively, while retail investors picked up a net 1.16 trillion won worth of shares.

"The market around the world has lost momentum particularly after the Jackson Hole meeting. Concerns over the U.S. interest rate hikes and their impacts on the global economy are likely to continue to press the market for some time being," Yuanta Securities analyst Kang Dae-seok said.

Most big-cap shares lost ground, with tech and bio shares under heavy downward pressure.

Samsung Electronics sank 2.18 percent to 58,400 won, and SK hynix lost 2.94 percent to 92,400 won.

LG Chem lost 1.42 percent to 623,000 won, and Samsung SDI dived 3.85 percent to 575,000 won.

Among major tech firms, LG Energy Solution was the only gainer by inching up 0.11 percent to 463,000 won.

Samsung Biologics shed 1.08 percent to 826,000 won, and Celltrion skidded 1.58 percent to 186,500 won.

Carmakers also fell, with Hyundai Motor decreasing 0.26 percent to 195,500 won and Kia losing 0.74 percent to 80,200 won.

Naver fell 1.67 percent to 236,000 won, and Kakao retreated 2.72 percent to 71,400 won.

The local currency ended at 1,354.90 won against the dollar, up 17.3 won from the previous session's close, after touching 1,355.10 won mid-session, the highest in 13 years.

The Kosdaq lost 18.72 points, or 2.28 percent, to close at 788.32 points.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds rose 8.7 basis points to 3.776 percent, and the yield on the 10-year government bond rose 8.4 basis points to 3.19 percent.

BY LIM JEONG-WON, YONHAP [lim.jeongwon@joongang.co.kr]