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Seven-day Kospi slump stretches on

Published: 11 Sep. 2024, 17:15 Updated: 12 Sep. 2024, 17:42

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,513.37 points on Wednesday, down 10.06 points, or 0.40 percent, from the previous trading session. [YONHAP]

Shares fell for the seventh consecutive session Wednesday led by foreign sell-offs ahead of the release of U.S. inflation data that could influence the U.S. Federal Reserve's policy move next week. The won traded higher against the greenback.

The benchmark Kospi lost 10.06 points, or 0.40 percent, to close at 2,513.37. The main index has been in a bearish mode since Sept. 3.

Trading volume was light, at 294.1 million shares worth 9.4 trillion won ($7 billion), with decliners beating gainers 525 to 343.

Foreign investors led the decline, dumping a net 1.04 trillion won, while institutions and individuals purchased a net 36.8 billion won and 904.7 billion won, respectively.

The market focused on the U.S. government's consumer price index report later Wednesday (U.S. time), which will give key clues for the Fed's upcoming rate-setting meeting.

In Seoul, tech, bank and bio shares ended in negative territory.

Samsung Electronics sank 1.96 percent to 64,900 won, chipmaker SK hynix rose 1.09 percent to 157,200 won and Hanmi Semiconductor, a chip equipment provider, edged down 0.1 percent to 96,300 won.

Financial shares also closed lower. KB Financial Group declined by 6.03 percent to 77,900 won. Shinhan Financial Group fell 6.18 percent to 53,100 won, and Woori Financial Group dropped 6.80 percent to 14,920 won.

Pharmaceutical firm Celltrion dropped 2.6 percent to 190,700 won, and Samsung Biologics, the biotech unit under Samsung, declined 1.51 percent to 981,000 won.

Retailers saw a positive day, with GS Retail up 300 won to 22,500, Otoki rising 500 won to 402,500 and Nongshim increasing 2,500 won to 382,500.

The local currency was trading at 1,339 won against the dollar at 3:30 p.m., down 4.7 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds lost 5.5 basis points to reach 2.822 percent, and the return on the benchmark U.S. 10-year government bond fell 5.4 basis points to 3.646 percent.

BY YOON SEUNG-JIN, YONHAP [[email protected]]