Kospi closes lowest since April 6, won-dollar rate hits yearly low
Published: 26 Sep. 2023, 17:15
Updated: 27 Sep. 2023, 16:32
The benchmark Kospi shed 32.79 points, or 1.31 percent, to close at 2,462.97. It closed at the lowest point since April 6.
Trading volume was a bit slim at 418.85 million shares worth 6.86 trillion won ($5.09 billion), with losers outpacing gainers 737 to 150.
Institutions and foreigners sold a net 473.68 billion won and 45.83 billion won worth of shares, respectively, while retail investors bought a net 498.77 billion won worth of shares.
“Investor sentiment remains weak ahead of the upcoming national holiday as uncertainties stemming from external factors could grow further,” Kiwoom Securities analyst Han Ji-young said.
Korea's stock, ETFs, derivatives and commodity markets will be closed during the extended Chuseok holiday running from Thursday through Oct. 3.
Investors were worried about the Chinese real estate market and the broader economy as Chinese developer Evergrande Group missed an onshore bond repayment Tuesday while former executives were detained, according to foreign media reports.
In the United States, the Fed has signaled higher interest rates to curb inflation amid rising oil prices and other factors, sending Treasury yields higher.
In Seoul, large-cap shares retreated across the board.
Samsung Electronics fell 1.2 percent to 68,600 won and SK hynix lost 1.7 percent to 115,000 won.
LG Energy Solution inched down 0.1 percent to 475,500 won and Posco Holdings dropped 1.1 percent to 533,000 won.
Biotech firm Samsung Biologics sank 2 percent to 680,000 won and Celltrion slipped 1.9 percent to 136,600 won.
The local currency ended at 1,348.5 won against the dollar, down 12 won from Monday's close, to close at the yearly low.
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 1.2 basis points to 3.9 percent and the yield on the benchmark 10-year U.S. government bonds rose 9.7 basis points to 4.5 percent.
BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]
with the Korea JoongAng Daily
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