Seoul:The stock market in Seoul saw a significant decline of over 3 percent on Monday, marking the fourth consecutive session of losses. This downturn was driven by a substantial sell-off in technology stocks, which was influenced by ongoing inflation worries and rising oil prices.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) fell 241.69 points, or 3.65 percent, closing at 6,384.24. The trading volume was moderate, with 313 million shares exchanged, valued at 21.33 trillion won (approximately US$16 billion). Declining stocks outnumbered advancing ones by a wide margin of 717 to 166.

Institutional and foreign investors sold shares worth a net 110.65 billion won and 2.02 trillion won, respectively, while retail investors purchased stocks totaling a net 1.47 trillion won. Analyst Lim Seung-mi from Hana Securities Co. noted that the KOSPI's drop was partly due to the rebalancing of semiconductor-focused exchange-traded funds and speculation that Samsung Electronics and SK hynix had completed their treasury stock buybacks.

The decline in tech stocks was notable, with Samsung Electronics falling 4.39 percent to 250,500 won and SK hynix dropping 4.52 percent to 1.6 million won. Defense company Hanwha Aerospace and carmaker Hyundai Motor also saw decreases in their stock prices. Conversely, shipping firm HMM and tobacco company KT and G experienced gains.

The Korean won strengthened against the U.S. dollar, being quoted at 1,335.1 won compared to 1,342.8 won at the previous session's close. Rising oil prices, driven by renewed Houthi attacks on Saudi Arabia, further exacerbated inflation concerns and posed challenges for the Federal Reserve's inflation control efforts.