Stocks close sharply down Thursday with big techs leading the fall

Finance

Stocks close sharply down Thursday with big techs leading the fall

Published: 06 Apr. 2023, 17:50

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,459.23 points on Thursday, down 1.44 percent, or 35.98 points, from the previous trading day. [YONHAP]

Stocks ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The won fell against the dollar.

The Kospi shed 35.98 points, or 1.44 percent, to close at 2,459.23.

Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gainers 700 to 191.

Institutions and foreign investors offloaded a net combined 986 billion won worth of stocks, offsetting retail investors' selling valued at 956 billion won.

As the latest jobs data, out Wednesday, showed U.S. private job growth slowed in March, investors weighed what the weaker-than-expected numbers say about the health of the broader economy.

Investors now wait for jobless claims data, scheduled to be released on Thursday, for more insights into the resilience of the labor market, as recession fears resurfaced, with the U.S. labor market showing signs of cooling down.

In Seoul, most large-cap stocks fell across the board.

Samsung Electronics fell 2.5 percent to close at 62,300 won, and SK hynix declined 0.95 percent to 83,800 won.

Battery makers fell, with LG Energy Solution going down 1.36 percent to 580,000 won and Samsung SDI dropping 4.24 percent to 745,000 won.

Hyundai Motor went down 0.86 percent to 185,100 won, and Kia declined 0.37 percent to 81,000 won.

Naver lost 3.66 percent to close at 191,900 won, and Kakao dropped 3.14 percent to 58,600 won.

Among gainers, biotech firm Samsung Biologics jumped 2.16 percent to 805,000 won, and Celltrion added 0.57 percent to 159,500 won.

The local currency ended at 1,319.10 won against the dollar, up 8.6 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds lost 5.3 basis points to 3.210 percent, and the yield on the benchmark 10-year government bonds slid 3.0 basis points to 3.311 percent.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]