Seoul stocks continue losing streak for 3rd day

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Seoul stocks continue losing streak for 3rd day

Local stocks extended their losing streak to a third day on Wednesday amid the deepening trade dispute between the United States and China. The won lost ground against the dollar.

The benchmark Kospi fell 8.98 points, or 0.41 percent, to close at 2,168.01. Trading volume was moderate at 472 million shares worth 5.33 trillion won ($4.56 billion), with losers outpacing gainers 484 to 334.


Analysts said the Seoul stock market came under selling pressure as investors were increasingly concerned over Washington’s threat to slap steep tariffs on Chinese products. The Dow Jones industrial average shed 1.79 percent, and the Nasdaq Composite sank 1.96 percent Tuesday.

“The losses from Wall Street were led by chipmakers, which are largely dependent on the Chinese market,” said Seo Sang-young, a researcher at Kiwoom Securities. “It is positive, however, in that the Chinese delegation is set to visit the United States this week to negotiate on the trade issues.”

Starting Friday, U.S. President Donald Trump has threatened to raise tariffs on $200 billion worth of Chinese products to 25 percent from the current 10 percent.

Samsung Electronics shed 1.34 percent, to 44,250 won, and LG Electronics slipped 0.91 percent, to 76,300 won. SK Hynix, in contrast, advanced 0.5 percent, to 80,300 won.

Automaker Hyundai Motor decreased 0.37 percent, to 135,500 won, and its auto parts maker, Hyundai Mobis, surrendered 1.5 percent, to 230,000 won. Its sister company, Kia Motors, retreated 0.68 percent, to 44,000 won.

LG Chem lost 0.56 percent, to 356,000 won, and cosmetics giant Amorepacific decreased 1.18 percent, to 209,500 won.

Pharmaceutical companies closed mostly lower, with Samsung BioLogics plunging 7.74 percent, to 298,000 won, after prosecutors raided the company’s factory on alleged accounting fraud a day earlier. Hanmi Pharmaceutical also lost 2.06 percent, to 428,000 won.

The secondary Kosdaq fell 8.08 points, or 1.07 percent, to close at 745.37.

The won closed at 1,169.40 won against the dollar, up 2.85 won from the previous session, as investors also sought safer assets amid the U.S.-China trade dispute and geopolitical tensions stemming from North Korea’s test-firing of projectiles last week.

Bond prices, which move inversely to yields, ended higher. The yield on three-year bonds lost 0.6 basis points to 1.717 percent, and the return on 10-year bonds fell 0.7 basis points to 1.878 percent.

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