KOSPI falls 1.79% amid sell-off in technology stocks
South Korea’s KOSPI stock index fell by 123.49 points, or 1.79%, to 6,788.88 points on Friday, ending a three-day rise. Investors sold shares of leading technology companies amid external uncertainty, including reports concerning Washington’s trade policy.
As The Korea Herald reports, trading volume was low, totaling 287.6 million shares worth 19.9 trillion won, or $14.5 billion. The number of companies whose shares rose exceeded those whose shares declined: 638 versus 237.
Sales by foreign investors
Foreign and institutional investors jointly sold shares worth 2 trillion won. At the same time, retail investors made net purchases of securities worth 424.36 billion won.
Daishin Securities analyst Lee Kyung-min said market sentiment weakened because of external uncertainty, while many traders took a wait-and-see approach ahead of the meeting in Jackson Hole. U.S. Federal Reserve Chair Kevin Warsh was due to deliver his first keynote speech there, which could have provided signals about the future direction of the central bank’s policy.
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The Donald Trump administration also said that the United States is not currently holding talks with Iran on ending the war. Separate reports indicated that Washington is considering a new round of tariffs on semiconductors, adding uncertainty to the market.
Company share performance
Shares in Samsung Electronics, the index’s largest company by market capitalization, lost 3.38% and closed at 257,000 won. SK hynix shares fell 4.45% to 1,653,000 won.
Meanwhile, cosmetics maker APR gained 6.21% to 461,500 won amid positive financial results. Shares of oil refiner S-Oil rose 9.14% to 149,200 won amid a renewed escalation of tensions in the Middle East.
Samsung Biologics shares fell 6.65% to 1,486,000 won after the company announced a 3 trillion won rights offering. The South Korean won strengthened against the U.S. dollar by 8.4 won to 1,372.5 won per dollar.
