SEOUL– South Korean stocks declined for the third consecutive day Friday as weak export data fanned concerns about an economic slowdown. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) retreated 4.97 points, or 0.22 percent, to close at 2,213.12 points.
Trading volume was moderate at about 626 million shares worth some 6 trillion won (US$4.2 billion), with losers outnumbering gainers 712 to 173.
Institutions bought a net 20 billion won and foreigners purchased 23 billion won, while retail investors offloaded 70 billion won.
South Korea’s exports in the first 20 days of October contracted 5.5 percent from the previous year, indicating that monthly outbound shipments could decrease on-year for the first time in two years.
“The (weak) economic data and corporate earnings seem to have raised worries about a recession, sapping investor sentiment,” said Mirae Asset Securities analyst Seo Sang-young.
Most large caps closed lower in Seoul, while chipmakers advanced.
Market bellwether Samsung Electronics added 0.72 percent to 55,900 won, and chip giant SK hynix increased 0.33 percent to 90,500 won.
Top automaker Hyundai Motor lost 0.89 percent to 167,000 won, steelmaker POSCO Holdings declined 1.19 percent to 249,000 won, and major chemical firm LG Chem retreated 0.35 percent. Giant battery maker LG Energy Solutions slid 0.18 percent to 568,000 won
Battery and renewable energy behemoth Samsung SDI jumped 6.45 percent to 627,000 won, following reports that the firm completed the construction of the world’s largest cathode material production facilities in Pohang.
The Korean won closed at 1,439.8 won against the U.S. dollar, down 6.5 won from the previous session’s close.
Bond prices, which move inversely to yields, closed sharply lower. The yield on three-year Treasurys jumped 14.5 basis points to 4.495 percent, and the return on the benchmark five-year government bond surged 17.5 basis points to 4.638 percent.
Source: Yonhap News Agency