Korean shares close lower on Japan woes
South Korean stocks closed slightly lower on July 2 amid fears of a delayed recovery in the country’s exports sparked by a Japanese decision to limit shipments of tech materials to the country. The local currency lost ground against the US dollar for a second consecutive session.
The benchmark Kospi lost 7.72 points, or 0.36 percent, to close at 2,122.02. Trading volume was moderate at 442 million shares worth about 4.03 trillion won ($3.45 billion), with losers outnumbering gainers 421 to 390.
Foreigners purchased a net 34 billion won worth of local shares, also extending their buying streak to a sixth session, while institutions dumped a net 58 billion won. Individuals scooped up a net 20.8 billion won.
The local currency closed at 1,166 won against the US dollar, down 7.20 won from the previous session’s close.
By Ram Garikipati and newswires (firstname.lastname@example.org)