Kospi, Kosdaq close lower as tech and auto stocks slide

Finance

Published: 03 Apr. 2024, 18:35

Kospi, Kosdaq close lower as tech and auto stocks slide

Stocks ended lower Wednesday to snap their three-day winning streak, as robust economic data in the United States spurred speculation that the U.S. Federal Reserve would keep interest rates higher for longer. The won rose against dollar.

The Kospi rose 46.19 points, or 1.68 percent, to close at 2,706.97.

Trade volume was heavy at 628.41 million shares worth 12.74 trillion won ($9.4 billion), with decliners outpacing gainers 632 to 246.

Institutions and foreigners bought a combined 947 billion won worth of stocks, offsetting individuals' purchases of 924 billion won.

Strong manufacturing figures from the U.S. and China this week and expectations that the Fed will wait to lower rates pressured sellers, analysts said. Investors, meanwhile, opted to cash in on recent gains.

In Seoul, tech, battery and auto stocks were the lead decliners.

Samsung Electronics fell 1.06 percent to 84,100 won while SK hynix declined 3.81 percent to 179,200 won.

Hanmi Semiconductor dropped 0.41 percent to 144,900 won.

LG Energy Solution slid 4.33 percent to 376,000 won while Posco Future M plummeted 5.57 percent to 271,000 won.

LG Chem fell 4.95 percent to 403,000 won, and SK Innovation dropped 3.61 percent to 117,400 won.

Hyundai Motor shed 1.82 percent to end at 216,000 won, and Kia declined 2.77 percent to 101,800 won.

Korea Electric Power Corporation slid 0.93 percent to 21,350 won.

Pharmaceutical firms fell into negative territory, with Samsung Biologics losing 0.49 percent to end at 812,000 won and Celltrion falling 1.80 percent to 180,500 won.

Among gainers, HD Hyundai rose 0.14 percent to 70,400 won and Naver gained 0.73 percent to 193,400 won.

Asiana Airlines climbed 0.9 percent to 11,210 won.

Amorepacific soared 1.12 percent to 135,700 won.

The local currency finished at 1,348.90 won against the greenback, down 3.2 won from the previous session's close.

The Kosdaq lost 11.63 points, or 1.30 percent, to close at 879.96.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds gained 0.8 basis points to reach 3.341 percent, and the return on the benchmark U.S. 10-year government bonds rose 4.1 basis points to 4.357 percent.

BY KIM JI-YE, YONHAP [kim.jiye@joongang.co.kr]