KOSPI Closes Down 4.91 Percent at 7,656.31 on Technology Losses

Seoul shares fell 4.91 percent on July 7 as technology stocks extended losses after Samsung Electronics released its preliminary second-quarter earnings estimate. The KOSPI closed at 7,656.31 after dropping 395.02 points. The index opened 1.6 percent lower and triggered a circuit breaker that suspended trading for 20 minutes after an intraday decline exceeded 8 percent.

Trade volume reached 512.29 million shares valued at 39.66 trillion won. Institutions sold a net 309.1 billion won of stocks while foreigners sold a net 2.92 trillion won. Individuals bought a net 3.13 trillion won.

Samsung Electronics estimated April-June operating profit at 89.4 trillion won. Its shares closed at 296,000 won, down 6.92 percent. SK hynix shares fell 6.06 percent to 2,201,000 won ahead of a planned US$29 billion U.S.

Listing later in the week. Hyundai Motor shares declined 4.48 percent to 479,000 won. Hanwha Aerospace shares dropped 3.19 percent to 1,122,000 won. Hanwha Ocean shares plunged 22.65 percent to 89,800 won after a South Korean consortium including the company failed to win Canada's submarine procurement project.

Amorepacific shares rose 4.2 percent to 126,500 won. SK Innovation shares gained 7.56 percent to 103,800 won. , down 2.1 won from the prior session. The three-year Treasury yield closed at 3.780 percent, up 0.4 basis point.

The five-year government bond yield finished at 3.999 percent, up 0.8 basis point.