Kospi closes down for eighth straight session, longest losing streak in 18 months

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Kospi closes down for eighth straight session, longest losing streak in 18 months

Published: 12 Jan. 2024, 16:37

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,525.05 points on Friday, down 0.60 percent, or 15.22 points, from the previous trading session. [NEWS1]

Shares extended their losing streak to eight consecutive sessions Friday, marking the longest losing streak in more than 18 months following stronger-than-expected inflation in the United States. The won fell slightly in value against the dollar.

The Kospi lost 15.22 points, or 0.60 percent, to close at 2,525.05.

It marked the first time since May 2022 that the Kospi had dropped for eight consecutive sessions.

Trade volume was moderate at 772.4 million shares worth 8.18 trillion won ($6.23 billion), with losers outnumbering gainers 620 to 269.

Institutions remained net sellers for the eighth consecutive session, offloading 193.7 billion won worth of shares. Foreigners net sold 213.5 billion won, while retail investors scooped up a net 404.2 billion won.

Investors remained spooked by higher-than-expected U.S. consumer price inflation for December, which sapped market bets that the U.S. Federal Reserve will cut rates in the near future.

Also, weaker-than-expected corporate earnings helped subdue investor sentiment.

In Seoul, tech, auto and platform shares led the market decline.

Samsung Electronics shed 0.14 percent to close at 73,100 won, as the tech behemoth earlier predicted its operating profits to have shrunk 35 percent from a year earlier in the fourth quarter, indicating a prolonged slump in the semiconductor sector.

SK hynix slipped 1.40 percent to 134,100 won, while Celltrion plunged 3.95 percent to 196,900 won.

Hyundai Motor lost 0.53 percent to 186,000 won, and Kia Motors retreated 1.56 percent to 88,300 won.

The local currency closed at 1,313.50 won against the dollar, up 0.50 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 2.1 points to 3.206 percent, and the return on the benchmark U.S. 10-year government bonds dropped 6.3 points to 3.970 percent.

BY KIM JU-YEON, YONHAP [[email protected]]