[THE INVESTOR] South Korean stocks closed lower Friday, extending its losing streak to a fourth day amid rising tensions between North Korea and the US, analysts said.

The Korean won declined against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 17.79 points, or 0.74 percent, to close at 2,388.71. Trade volume was moderate at 265 million shares worth 5.7 trillion won (US$5 billion), with losers overwhelming gainers 702 to 127.

The local bourse opened nearly flat taking a cue from overnight losses on Wall Street but was hurled into negative terrain following the North‘s media report that its leader Kim Jong-un is considering the strongest actions in response to U.S. President Donald Trump’s latest U.N. speech.

In his first address to the U.N. General Assembly on Tuesday, the U.S. leader said his country will have no choice but to “totally destroy North Korea” if forced to defend itself or its allies.

“A series of market-moving events scheduled during the upcoming Chuseok holiday also added uncertainties to the market,” said analyst Seo Sang-young at Kiwoom Securities.

Institutions dumped a net 113 billion won worth of local stocks, while individuals and foreigners scooped up a net 41 billion won and 27 billion won, respectively.

Market heavyweights traded mixed with steelmakers and chemicals producers leading the market loss.

Kingpin Samsung Electronics gained 0.38 percent to end at a new fresh record high of 2,650,000 won, after soaring to as high as 2,680,000 won at one point.

SK hynix, a major chipmaker, closed unchanged at 83,100 won, after renewing its intraday high at 84,300 won.

Steel shares plunged following a media report that the United States has decided to impose heavy tariffs on South Korean steel products.

POSCO, the country‘s No. 1 steelmaker, shed 3.16 percent to 306,500 won, while Hyundai Steel lost 1.89 percent to end at 52,000 won.

Heavy losses in chemical shares also weighed on the local bourse, with industry leader LG Chem nose-diving 5.14 percent to end at 369,000 won. AmorePacific, South Korea’s top cosmetics company, was down 2.01 percent to 244,000 won.

Hyundai Motor, No. 1 carmaker, gained 0.35 percent to close at 142,000 won, while its smaller affiliate Kia Motors fell 0.65 percent to 30,400 won.

Naver, the country‘s top Internet portal operator, advanced 0.13 percent to 764,000 won.

The local currency closed at 1,136.50 won against the US dollar, down 3.80 won from the previous session’s close.

By Alex Lee and newswires (alexlee@heraldcorp.com)