Seoul:Shares in Seoul dipped on Tuesday, primarily due to a drop in technology stocks, as concerns over bond yields reaching multidecade highs weighed on the market. Meanwhile, the Korean won appreciated against the U.S. dollar.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) opened higher but eventually fell by 62.35 points, or 0.89 percent, closing at 6,941.39.
Foreign investors and institutions were net sellers, offloading stocks worth 1.75 trillion won (approximately US$1.3 billion) and 1.98 billion won, respectively. In contrast, individual investors purchased a net total of 740.56 billion won.
Market participants are now turning their attention to third-quarter corporate earnings, as factors such as rising interest rates, increased energy costs, and inflation concerns contribute to the upward pressure on global bond yields.
The Korean won was trading at 1,343.6 against the U.S. dollar by 3:30 p.m., slightly stronger than the previous session's closing rate of 1,344.