Seoul Shares Decline for Third Day Amid Inflation Concerns
Seoul's stock market has closed lower for the third consecutive day, driven by inflation fears.
Seoul's stock market has closed lower for the third consecutive day, driven by inflation fears.
Seoul's stock market experienced a downturn for the third straight day, with the benchmark Korea Composite Stock Price Index (KOSPI) falling by 2.62% to close at 6,625.93.
The decline was fueled by rising oil prices, which have intensified inflation worries among investors. The U.S. Federal Reserve's indication of a potential interest rate hike this year has added to the uncertainty in the market.
Institutional and foreign investors sold off significant amounts of stocks, totaling a net 1.67 trillion won and 1.99 trillion won, respectively. In contrast, individual investors made a modest net purchase of 2.9 billion won.
Major tech stocks led the decline, with Samsung Electronics decreasing by 2.42% and SK Hynix dropping by 2.44%. Meanwhile, Hanwha Aerospace saw a steep decline of 8.33%.
Despite the overall market downturn, some companies like Samsung SDI and LG Energy Solution recorded gains, with increases of 1.25% and 2.56%, respectively. Investors remain cautious as inflationary pressures continue to loom.
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