ANN/THE KOREA HERALD – Seoul shares ended nearly two per cent lower due to foreign selling, as concerns grew over the potential expansion of the United States (US) government’s trade war. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell by 49.17 points, or 1.89 per cent, to close at 2,557.98.
Trade volume was moderate at 507.56 million shares worth KRW7.07 trillion, with losers far outnumbering winners 728 to 168.
Foreigners sold a net KRW640.59 billion worth of stocks, offsetting institutions’ and individuals’ purchases of 2.9 billion won and KRW541.45 billion in stocks, respectively.
The KOSPI opened lower, tracking losses on Wall Street.
Overnight, the Dow Jones Industrial Average fell 0.37 per cent, while the tech-heavy Nasdaq composite declined 0.53 per cent.
Planned US tariffs on all imported vehicles fuelled uncertainties in the stock market, weighing on investor sentiment, analysts said. US President Donald Trump is set to impose 25 per cent tariffs on all car imports April 2, a move that will affect the global automotive market.
In Seoul, most large-cap stocks declined.Market bellwether Samsung Electronics fell 2.59 per cent to KRW60,200, top carmaker Hyundai Motor went down 3.53 per cent to KRW205,000, and leading steelmaker POSCO Holdings shed 2.83 per cent to KRW292,000.
National flag carrier Korean Air dropped 1.13 per cent to KRW21,950, and Lotte Chemical plunged 5.57 per cent to KRW67,800.
Among gainers, leading cosmetics firm Amorepacific rose 1.46 per cent to KRW104,500, while leading shipbuilder HD Hyundai Heavy Industries climbed 1.27 per cent to KRW280,000.
The local currency was trading at KRW1,467.10 against the greenback at 3.30pm, down KRW1.8 from the previous session.
