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Kospi slides 0.06% over trade war trepidation

Published: 02 Dec. 2024, 17:05

SHIN HA-NEE
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,454.48 points on Monday, down 0.06 percent, or 1.43 points, from the previous trading session. [YONHAP]

Shares ended lower Monday, bucking gains on Wall Street on extended tech losses. The won fell in value against the dollar.

The Kospi fell 1.43 points, or 0.06 percent, to close at 2,454.48.

The main index ended in negative territory after opening sharply higher, jumping 23.63 points, or nearly 1 percent, in the first 15 minutes of trading on U.S. gains.

On Friday, the Dow Jones Industrial Average rose 0.42 percent to 44,910.65 points, and the tech-heavy Nasdaq Composite climbed 0.83 percent to 19,218.17.

With no major upside momentum in the market, foreign and retail selling weighed on the stock market amid concerns over upcoming trade disputes between the United States and China, analysts said.

Foreigners and individuals sold a combined 452.66 billion won ($322.64 million) worth of stocks, exceeding institutional purchases valued at 391.7 billion won.

Trade volume was rather slim at 323.35 million shares worth 7.47 trillion won, with losers far outnumbering winners 675 to 216.

Tech stocks were lead decliners.

Samsung Electronics fell 1.11 percent to 53,600 won, with chipmaker SK hynix dipping 0.69 percent to 158,800 won.

Home appliance maker LG Electronics dropped 1.67 percent to 88,200 won, and carmaker Hyundai Motor shed 1.14 percent to 216,000 won.

Among gainers, battery maker LG Energy Solution surged 2.62 percent to 391,500 won, with its local rival Samsung SDI climbing 1.77 percent to 259,000 won.

State-run utilities firm Korea Electric Power Corporation advanced 0.84 percent to 24,100 won, and the nation's sole aircraft manufacturer Korea Aerospace Industries soared 2.05 percent to 59,600 won.

The Kosdaq slid 2.35 points, or 0.35 percent, to 675.84. Alteogen, which surpassed EcoPro BM in market capitalization as the largest company on the Kosdaq this year, rose 7.89 percent to close at 22,000 won.

The local currency was trading at 1,401.3 won against the greenback at 3:30 p.m., up 6.6 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 3.6 basis points to 2.568 percent, and the return on the benchmark 10-year U.S. government bonds dropped 8.9 basis points to 4.172 percent.

BY SHIN HA-NEE, YONHAP [[email protected]]