finance
Seoul Shares Fall 5.4 Percent as Technology Stocks Extend Losses
The KOSPI closed down 409.52 points at 7,246.79 on July 8 after opening 2.7 percent lower. Technology stocks led declines amid investor concerns over the pace of earnings growth from higher capital spending.
Jul 8, 3:32 AM·1m read1 source
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Seoul shares fell 5.4 percent on July 8 as technology stocks extended losses and investors reassessed the outlook for artificial intelligence spending. The benchmark KOSPI closed down 409.52 points at 7,246.79 after opening 2.7 percent lower, Yonhap reported. Trade volume reached 495.75 million shares worth 41.65 trillion won.
Decliners outnumbered gainers 763 to 124. Foreigners bought a net 335.64 billion won of stocks while institutions sold a net 337.7 billion won and foreigners sold a net 45.1 billion won. Most large-cap stocks declined in line with overnight losses on Wall Street.
The Dow Jones Industrial Average fell 0.25 percent and the Nasdaq composite declined 1.16 percent. Analysts cited investor concerns that rising capital spending and expanding production capacity at major technology companies may take longer to generate earnings growth needed to justify elevated valuations. Samsung Electronics fell 6.25 percent to 277,500 won.
SK hynix dropped 5.68 percent to 2,076,000 won. Hyundai Motor declined 3.55 percent to 462,500 won. Hanwha Aerospace shed 7.22 percent to 1,041,000 won. Shipping firm HMM rose 2.3 percent to 20,050 won and S-Oil climbed 3.3 percent to 131,600 won.
The Korean won traded at 1,498.5 won per U.S. , up 29.7 won from the prior session. Bond yields closed mixed. The three-year Treasury yield fell 0.5 basis point to 3.775 percent while the five-year government bond yield stayed at 3.999 percent.
