Korean stocks tumble on foreign selling
South Korean stocks closed sharply lower on July 3 as foreign investors turned to selling amid fears of slower-than-anticipated growth for Asia’s fourth-largest economy. The local currency lost further ground against the US dollar.
The benchmark Kospi lost 26 points, or 1.23 percent, to close at 2,096.02. Trading volume was moderate at 510 million shares worth about 4.5 trillion won, with losers outnumbering gainers 634 to 201.
Foreigners offloaded a net 109.7 billion won ($93.6 million) worth of local shares, ending their buying streak of six consecutive sessions, while institutions purchased a net 156.7 billion won. Individuals sold a net 44 billion won.
The local currency closed at 1,171.30 against the US dollar, down 5.30 won from the previous session.
By Ram Garikipati and newswires (firstname.lastname@example.org)