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Stocks end lower Tuesday led by big-cap tech losses

Published: 25 Apr. 2023, 18:24

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,489.02 points on Tuesday, down 1.37 percent, or 34.48 points, from the previous trading day. [NEWS1]

Stocks ended markedly lower Tuesday, led by big-cap tech losses, as investors took to the sidelines awaiting major corporate earnings reports. The won rose against the dollar.

The Kospi shed 34.48 points, or 1.37 percent, to close at 2,489.02, extending its losing streak to a fourth session.

Trading volume was heavy at 875.67 million shares worth 13.46 trillion won ($10.1 billion), with decliners outpacing gainers 641 to 248.

Institutions sold a net 760 million won worth of shares, while foreigners and individuals bought a net 7.44 billion won and 870 million won worth of shares, respectively.

Investors are looking to first-quarter earnings reports from major companies, including chip giants Samsung Electronics and SK hynix, amid a gloomy outlook over a global economic slowdown.

"Market volatility has grown as more investors moved to lock in profits from recent gains amid weak momentum," Seo Sang-young, an analyst at Mirae Asset Securities, said.

Eyes are also on the summit between President Yoon Suk Yeol and U.S. President Joe Biden slated for Wednesday, where the two sides will explore ways to deepen ties in semiconductors, batteries and other key areas, among other issues.

In Seoul, Samsung Electronics sank 2.45 percent to 63,600 won, and SK hynix fell 1.95 percent to 85,500 won.

LG Energy Solution decreased 2.65 percent to 551,000 won, and Samsung SDI slid 2.75 percent to 706,000 won.

Posco Holdings dived 4.77 percent to 379,500 won, and Posco Future M tumbled 4.4 percent to 347,500 won.

Naver lost 2.05 percent to 186,100 won, and Kakao went down 2.1 percent to 56,000 won.

Hyundai Motor jumped 4.74 percent to 201,000 won after reporting a record first-quarter net profit. Kia also advanced 2.24 percent to 86,600 won.

The local currency ended at 1,332.2 won against the dollar, down 2.6 won from the previous session's close when the figure hit the lowest figure this year.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds gained 3.3 basis points to 3.263 percent, and the yield on the benchmark 10-year government bonds shed 8.1 basis points to 3.494 percent.

BY SOHN DONG-JOO, YONHAP [[email protected]]