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Kospi extends losing streak to fourth session as political turmoil continues

Published: 30 Dec. 2024, 17:16 Updated: 30 Dec. 2024, 19:25

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,399.49 points on Dec. 30, down 0.22 percent, or 5.28 points, from the previous trading session. [YONHAP]

Shares on Monday extended their losing streak to a fourth session following ongoing domestic political turbulence caused by a short-lived martial law attempt. The Korean won weakened for a fifth consecutive day against the dollar.

The benchmark Kospi shed 5.28 points, or 0.22 percent, to close at 2,399.49 on the last trading session for 2024. The Kosdaq rose 12.22 points, or 1.83 percent, to close at 678.19.

Trade volume was slim at 239 million shares worth 3 trillion won ($2.04 billion), with losers outnumbering gainers 803 to 115.

Foreigners sold a net 172.5 billion won and individuals bought a net 214 billion won. Institutions offloaded a net 114 billion won.

The financial market has been roiled by escalating political upheaval after President Yoon Suk Yeol's short-lived martial law declaration on Dec. 3, which led to the passage of an impeachment motion against him.

Also, the incoming Trump administration's high tariffs and a shift in other economic policies have added downward pressure on the local stock market.

"While there was some optimism for a breakthrough in the run-up to the passage of the president's impeachment motion, the prolonged phase of political uncertainties is raising concerns about the potential negative impact on South Korea's international credibility," Daishin Securities researcher Lee Kyung-min said.

Chipmakers and automotive shares led the overall decline, with Samsung Electronics dropping 0.93 percent to 53,200 won and Hyundai Motor sliding 1.40 percent to 212,000 won.

Financial shares and shipyards also finished in negative terrain.

KB Financial slumped 2.47 percent to 82,900 won and HD Hyundai Heavy Industries shed 0.69 percent to 287,500 won.

In contrast, bio shares and refiners advanced.

Samsung Biologics jumped 1.61 percent to 949,000 won and leading refiner SK Innovation gained 0.90 percent to end at 112,000 won.

The local currency was trading at 1,472.50 won against the greenback at 3:30 p.m., up 5 won from the previous session and down for the fifth consecutive trading day.

Bond prices, which move inversely to yields, closed mixed. Three-year government bond yields fell by 4.6 basis points to 2.595 percent, while the return on the benchmark 10-year U.S. government bonds rose by 4.8 basis points to 4.626 percent.

BY CHO YONG-JUN, YONHAP [[email protected]]