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Seoul shares dip nearly 1.5 % on tech losses

By Yonhap

Published : April 6, 2023 - 16:08

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

Seoul shares ended sharply lower Thursday, led by a drop in big techs, amid renewed concerns about an economic recession. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index shed 35.98 points, or 1.44 percent, to close at 2,459.23.

Trading volume was moderate at 736.7 million shares worth 11.1 trillion won ($8.4 billion), with decliners far outpacing gainers 700 to 191.

Institutions and foreign investors offloaded a net combined 986 billion won worth of stocks, offsetting retail investors' selling valued at 956 billion won.

As the latest jobs data, out Wednesday, showed US private job growth slowed in March, investors weighed what the weaker-than-expected numbers say about the health of the broader economy.

Investors now wait for jobless claims data, scheduled to be released on Thursday, for more insights into the resilience of the labor market, as recession fears resurfaced, with the US labor market showing signs of cooling down.

In Seoul, most large-cap stocks fell across the board.

Market bellwether Samsung Electronics fell 2.5 percent to close at 62,300 won, and No. 2 chipmaker SK hynix declined 0.95 percent to 83,800 won.

Battery makers fell, with LG Energy Solution going down 1.36 percent to 580,000 won and Samsung SDI dropping 4.24 percent to 745,000 won.

Top carmaker Hyundai Motor went down 0.86 percent to 185,100 won, and Kia declined 0.37 percent to 81,000 won.

Among gainers, biotech firm Samsung Biologics jumped 2.16 percent to 805,000 won and Celltrion added 0.57 percent to 159,500 won.

The local currency ended at 1,319.10 won against the US dollar, down 8.6 won from the previous session's close. (Yonhap)