Seoul stocks slump on foreign sell-offs
[THE INVESTOR] South Korea‘s main stock index fell on Dec. 7 as foreign investors remained net sellers of stocks amid geopolitical worries in the Middle East. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 12.39 points, or 0.5 percent, to close at 2,461.98. Trading was moderate at 396 million shares worth 6.03 trillion won (US$5.52 billion) changing hands.
Worries linger over US President Donald Trump’s announcement to recognize Jerusalem as Israel‘s capital.
However, some analysts said healthier earnings by US blue chip stocks are likely to have a positive impact on local stock markets.
Seo Sang-young, an analyst at Kiwoom Securities, said, “An improvement in earnings by US large-cap stocks will increase profits of Korean exporters.”
Samsung Electronics rose 1.44 percent to end at 2,537,000 won, while SK hynix, a global chipmaker, fell 1.94 percent to 76,000 won.
Naver, the operator of the country’s top Internet portal, gained 1.33 percent to 837,000 won.
Automakers traded in negative terrain, with industry leader Hyundai Motor down 0.31 percent to 161,500 won, and its smaller affiliate Kia Motors dipping 1.92 percent to 33,250 won.
The local currency closed at 1,093.50 won against the US dollar, up 0.2 won from the previous session‘s close.
By Alex Lee and newswires (firstname.lastname@example.org)