KOSPI in Seoul falls 3.65% — Korea Herald

In Seoul on October 12, the benchmark KOSPI stock index fell by 241.69 points, or 3.65%, to 6,384.24 points. The decline was the index’s fourth consecutive loss amid a broad sell-off in technology stocks, inflation concerns and high oil prices, Korea Herald reports.

Investor selling

After opening down 0.07%, the KOSPI continued to decline throughout the day. Trading volume amounted to 313 million shares worth 21.33 trillion won, or about $16 billion. The number of declining stocks reached 717, while 166 rose in price.

Foreign investors sold shares worth a net 2.02 trillion won, while institutional investors sold a net 110.65 billion won. At the same time, retail investors bought securities worth a net 1.47 trillion won.

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Decline in technology stocks

Hana Securities analyst Lim Seung Mi linked the KOSPI’s decline to the rebalancing of semiconductor-focused exchange-traded funds, as well as concerns that Samsung Electronics and SK hynix may have completed share buybacks.

Samsung Electronics shares fell 4.39% to 250,500 won, while SK hynix fell 4.52% to 1.6 million won. Hanwha Aerospace lost 3.25%, and Hyundai Motor declined 1.39%. Meanwhile, shipping company HMM gained 4.81%, while tobacco producer KT&G rose 1.58%.

Oil prices were rising amid escalating tensions in the Middle East following new Houthi attacks on Saudi Arabia’s main airport. According to analysts, a broader regional conflict could disrupt energy supplies, intensify inflationary pressure and complicate the U.S. Federal Reserve’s efforts to curb inflation. The South Korean won strengthened to 1,335.1 won per U.S. dollar from 1,342.8 won at the close of the previous trading session.