KOSPI falls for third straight session as oil prices fuel inflation worries

Seoul shares closed lower Thursday to extend their losses for a third consecutive session, as elevated oil prices stoked inflation worries. The Korean won rose against the U.S. dollar. After opening 0.07 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) turned lower to close down 177.97 points, or 2.62 percent, at 6,625.93. This comes as the Dow Jones Industrial Average fell 0.66 percent overnight, while the tech-heavy Nasdaq Composite declined 0.22 percent. Institutions and foreigners sold a net 1.67 trillion won ($1.24 billion) and 1.99 trillion won worth of stocks, respectively, while individuals bought a net 2.9 billion won. Investors seemed wary as higher oil prices are adding to inflationary pressures, and the U.S. Federal Reserve has signaled it may need to raise rates this year to tame inflation. In Seoul, tech stocks led the decline. Market behemoth Samsung Electronics fell 2.42 percent to 262,000 won, and its chipmaking rival SK hynix declined 2.44 percent to 1.68 million won. Defense giant Hanwha Aerospace dropped 8.33 percent to 891,000 won, and shipping fi

SEOUL, Oct. 8 (Yonhap) -- Seoul shares closed lower Thursday to extend their los...

SEOUL, Oct. 8 (Yonhap) -- Seoul shares closed lower Thursday to extend their los...

SEOUL, Oct. 8 (Yonhap) -- Seoul shares closed lower Thursday to extend their los...

Seoul shares extended losses late Thursday morning, tracking Wall Street's downturn, as elevated oil prices stoked inflation concerns. After opening 0.07 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) backtracked almost immediately, trading down 54.22 points, or 0.8 percent, to 6,749.68 as of 11:20 a.m. Overnight, the Dow Jones Industrial Average fell 0.66 percent, while the tech-heavy Nasdaq Composite declined 0.22 percent. Institutions and foreigners sold a net 457.28 billion won ($342 million) and 666.37 billion won worth of stocks, while individuals bought a net 834.66 billion won. Overall investors seemed wary as higher oil prices are adding to inflationary pressures, and the U.S. Federal Reserve has signaled it may need to raise rates this year to tame inflation. In Seoul, large-cap stocks were mixed. Market behemoth Samsung Electronics fell 0.56 percent, and top carmaker Hyundai Motor declined 3.05 percent. Defense giant Hanwha Aerospace dropped 5.86 percent, and shipping firm HMM shed 2.57 percent. Among gainers, chip giant SK hynix rose 1.33 percent, and bat

SEOUL, Oct. 8 (Yonhap) -- Seoul shares extended losses late Thursday morning, tr...

Shares of Samsung Electronics were initially trading 0.8% lower, only to suddenly swing to green and trade 0.23% higher. By10:23 a.m. KST, the stock was down 0.4% to 267,500 South Korean Won.

Seoul shares turned lower after opening up Thursday, largely due to inflation worries stoked by elevated oil prices. After opening 0.07 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) lost ground, trading down 53.32 points, or 0.78 percent, to 6,750.58 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average fell 0.66 percent, while the tech-heavy Nasdaq Composite declined 0.22 percent. Investors remain wary as higher oil prices are adding to inflationary pressures, and the U.S. Federal Reserve has signaled it may need to raise rates this year to tame inflation. In Seoul, large-cap stocks were mixed. Market behemoth Samsung Electronics fell 0.19 percent, and top carmaker Hyundai Motor declined 2.53 percent. Defense giant Hanwha Aerospace dropped 3.5 percent, and shipping firm HMM shed 2.34 percent. Among gainers, chip giant SK hynix rose 0.75 percent, and battery maker Samsung SDI climbed 3.2 percent. The Korean won was trading at 1,337.80 won against the U.S. dollar, up 1.2 won from the close of the previous stock trading session.

SEOUL, Oct. 8 (Yonhap) -- Seoul shares turned lower after opening up Thursday, l...

SEOUL, Oct. 8 (Yonhap) -- Seoul shares opened higher Thursday, led by gains in t...

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Korean stocks fell Wednesday as foreign investors offloaded shares across the board and the market turned cautious ahead of Samsung Electronics’ preliminary third-quarter earnings report, in contrast to Wall Street’s record-setting session overnight. The benchmark KOSPI opened at 6,864.25, down 1.11 percent from the previous close, according to the Korea Exchange. After briefly moving higher early in the session, the main index turned lower and remained in negative territory before closing at 6,803.90, down 1.98 percent. Foreign investors and institutions were net sellers of 2.61 trillion won ($1.95 billion) and 672.6 billion won, respectively, while retail investors purchased a net 2.5608 trillion won. The gains on Wall Street overnight failed to carry over to the Korean stock market. The three major U.S. indexes rose on steadier oil prices and expectations for a strong third-quarter earnings season among blue-chip, industry-leading companies. Both the S&P 500 and Nasdaq Composite closed at record highs, with each of the indexes ending at 7,818.93 and 27,599.89. Analysts attributed t

SEOUL, Oct. 7 (Yonhap) -- South Korean stocks dipped by nearly 2 percent on Wedn...

SEOUL, Oct. 7 (Yonhap) -- South Korean stocks dipped by nearly 2 percent on Wedn...

SEOUL, Oct. 7 (Yonhap) -- South Korean stocks dipped by nearly 2 percent on Wedn...

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SEOUL, Oct. 7 (Yonhap) -- Seoul shares extended losses late Wednesday morning, w...

SEOUL, Oct. 7 (Yonhap) -- Seoul shares opened lower Wednesday, bucking overnight...

SEOUL, Oct. 7 (Yonhap) -- Seoul shares opened lower Wednesday, led by losses in ...

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SEOUL, Oct. 6 (Yonhap) -- Seoul shares ended lower Tuesday, led by declines in t...

SEOUL, Oct. 6 (Yonhap) -- Seoul shares ended lower Tuesday, led by declines in t...

SEOUL, Oct. 6 (Yonhap) -- Seoul shares ended lower Tuesday, led by declines in t...

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SEOUL, Oct. 6 (Yonhap) -- Seoul shares extended their losses late Tuesday mornin...

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SEOUL, Oct. 2 (Yonhap) -- South Korean stocks ended slightly higher Friday as in...

SEOUL, Oct. 2 (Yonhap) -- South Korean stocks ended slightly higher Friday as in...