Stocks fall for second day as big-cap tech shares sink

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,442.90 points on Thursday, down 34.55 points, or 1.39 percent, from the previous trading day. [YONHAP]

Stocks ended lower for a second day Thursday, as big-cap tech shares dived amid concerns over a global economic slowdown. The won fell against the dollar.

The benchmark Kospi lost 34.55 points, or 1.39 percent, to close at 2,442.90, extending its losing streak for a second session.

Trading volume was a bit heavy at about 907.18 million shares worth some 8.47 trillion won ($7.29 billion), with losers outnumbering gainers 643 to 216.

Foreigners shed a net 384.2 billion won worth of shares, and institutions a net 120.2 billion won, while individuals bought a net 487.8 billion won.

The market opened lower, tracking an overnight fall in U.S. shares, and had extended losses, as U.S. chipmaker Micron Technology on Wednesday announced a plan to reduce memory chip supply over excess inventories and weak demand.

In Seoul, Samsung Electronics lost 2.07 percent to 61,400 won, and chip giant SK hynix tumbled 4.15 percent to 87,700 won.

LG Energy Solutions lost 0.5 percent to 597,000 won, and LG Chem fell 0.99 percent to 700,000 won. Samsung SDI skidded 3.05 percent to 700,000 won.

Hyundai Motor dropped 1.16 percent to 170,000 won, and its affiliate Kia sank 2.21 percent to 66,300 won.

Major bio shares ended mixed, with Samsung Biologics going down 0.57 percent to 875,000 won, while Celltrion remained unchanged at 179,500 won.

But shares of companies linked to new projects in Saudi Arabia rose, after Korea and the Middle Eastern country signed memorandums of understanding on infrastructure, chemicals, renewable energy, gaming and various other industries during Saudi Crown Prince Mohammed bin Salman Al Saud's visit to Seoul.

Hyundai Rotem jumped 5.45 percent to 28,050 won, and Lotte Fine Chemical grew 1.44 percent to 63,200 won.

The local currency ended at 1,339.1 won against the dollar, up 14.1 won from the previous session's close.

The Kosdaq fell 5.56 points, or 0.75 percent, to close at 737.54 points.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 0.4 basis points to 3.799 percent, and the yield on 10-year government bonds dropped 3.7 basis points to 3.854 percent.

BY CHO JUNG-WOO, YONHAP [cho.jungwoo1@joongang.co.kr]