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Seoul shares close lower ahead of US jobs data

By Yonhap
Published : Sept. 3, 2024 - 16:11

An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean shares fell as investors took to the sidelines ahead of key US data. The local currency lost ground against the US dollar.

The benchmark Korea Composite Stock Price Index lost 16.37 points, or 0.61 percent, to close at 2,664.63.

Trade volume was moderate at 291 million shares worth 8.8 trillion won ($6.56 billion), with gainers outnumbering losers 458 to 416.

Foreign investors turned net sellers, offloading a net 287.5 billion won worth of shares, one day after they ended a six-day selling streak. Retail investors purchased a net 512.4 billion won, while institutions dumped 240.5 billion won.

Investors took a cautious approach ahead of the upcoming release later this week of US jobs data and the manufacturing purchasing managers index (PMI).

"The local stock market will likely continue to take side steps for some time, considering its sensitivity to US employment data," Mirae Asset Securities analyst Kim Seok-hwan said.

Most large caps closed in negative territory, with market kingpin and tech giant Samsung Electronics plummeting 2.55 percent to 72,500 won.

SK hynix, the world's No. 2 chipmaker, tumbled 3.28 percent to 168,300 won, while top pharmaceutical firm Celltrion inched down 0.05 percent to 197,000 won.

Leading battery maker LG Energy Solution slipped 0.24 percent to 411,000 won, but its local rival Samsung SDS surged 1.97 percent to 155,600 won.

Auto were sharply down, with industry leader Hyundai Motor falling 3.46 percent to 237,500 won, while its smaller affiliate dipped 3.68 percent to 102,200 won.

The local currency was trading at 1,341.44 won against the US dollar, down 3.0 won from the previous session. (Yonhap)


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