Kospi takes second straight fall on heavy tech losses
Published: 13 Jan. 2025, 16:57
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- CHO YONG-JUN
- [email protected]
![A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,489.56 points on Jan. 13, down 1.04 percent, or 26.22 points, from the previous trading session. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2025/01/13/5f6d0645-1d85-4c13-896e-ba88ded000b6.jpg)
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,489.56 points on Jan. 13, down 1.04 percent, or 26.22 points, from the previous trading session. [NEWS1]
Shares fell more than 1 percent Monday on losses in big-cap tech shares as investors doubted future rate cuts from the U.S. Federal Reserve, given strong data on the U.S. economy.
The benchmark Kospi lost 26.22 points, or 1.04 percent, to close at 2,489.56, extending the losing streak to a second session.
Trade volume was moderate at 569.34 million shares worth 8.89 trillion won ($6.04 billion), with losers outnumbering winners 637 to 261.
Foreigners sold a net 878.67 billion won, while retail and institutional investors bought a net 746.47 billion won and 25.38 billion won worth of shares, respectively.
“A better-than-expected jobs report once again indicated a resilient U.S. economy, which would cause the Fed to take a cautious stance on further interest rate cuts. Following marked gains in recent sessions, the Kospi is projected to lose ground,” Daishin Securities analyst Lee Kyung-min said.
On Friday, the Dow Jones Industrial Average and the tech-heavy Nasdaq composite dipped 1.63 percent each.
Tech blue chips came under heavy downward pressure to drag down the index.
Samsung Electronics sank 2.17 percent to 54,100 won, and SK hynix dipped 4.52 percent to 194,300 won.
LG Energy Solution slid 0.29 percent to 347,500 won while LG Chem retreated 1.63 percent to 241,000 won.
Hyundai Motor dropped 2.65 percent to 220,000 won, and Kia inched down 0.19 percent to 105,400 won.
Posco Holdings decreased 1.91 percent to 257,000 won.
Major bio shares traded mixed. Samsung Biologics advanced 1.2 percent to 1,012,000 won while Celltrion slid 0.7 percent to 183,800 won.
Among gainers, Naver rose 0.99 percent to 204,000 won, and KB Financial Group soared 1.71 percent to 89,300 won.
The local currency was quoted at 1,470.8 won against the greenback at 3:30 p.m., up 5.8 won from the previous session.
Bond prices, which move inversely to yields, closed lower. Three-year government bond yields rose 10.4 basis points to 2.665 percent, while the return on the benchmark 10-year U.S. government bonds rose by 8.1 basis points to 4.765 percent.
BY CHO YONG-JUN, YONHAP [[email protected]]
with the Korea JoongAng Daily
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