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South Korean stocks closed 1.31 percent lower Monday, as lingering angst over a gradual end of the U.S. easy-money policy continued to sap investor sentiment, analysts said. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) sank 23.82 points to finish at 1,799.01. Trading volume was light at 216.6 million shares worth 3.11 trillion won ($2.69 billion) with decliners far outstripping gainers 613 to 203.
"Foreigners again opted to offload shares amid an expanding market volatility stemming from a fear of the Fed," said Bae Sung-young, an analyst at Hyundai Securities Co.
U.S. Federal Reserve's indication that it may rein in its stimulus sent the Seoul bourse to rattle last week, plunging 4.78 percent.
Although the tapering of the quantitative easing is positive for Korea in the way that it means the U.S. economy is improving, the current level of fear will likely persist for some time.
"The fear is exaggerated especially among emerging countries because they have already been weighed down by the global downturn," Bae added.
Foreigners sold off a net 247.6 billion won, extending its losing binge for the 12th consecutive session since June 5.
Domestic-focused stocks drove down the KOSPI, led by telecom and state-run power providers. Top mobile carrier SK Telecom tumbled 4.95 percent to 201,500 won, with LG Uplus, the smallest player, diving 11.76 percent to 11,250 won.
Korea Electric Power Corp., the electricity provider, sank 2.29 percent to 25,650 won, and Korea Gas Corp. retreated 3.07 percent to 50,500 won.
Top-listed blue-chips were also mostly bearish. Market bellwether Samsung Electronics reverted to losses after bucking up gains earlier, ending down 0.91 percent to 1,313,000 won. In contrast, No. 1 automaker Hyundai Motor rose 0.25 percent to 202,500 won.
The local currency ended at 1,161.40 won against the greenback, down 6.7 won from Friday's close, mainly due to the KOSPI's fall, dealers said. (Yonhap News)
The benchmark Korea Composite Stock Price Index (KOSPI) sank 23.82 points to finish at 1,799.01. Trading volume was light at 216.6 million shares worth 3.11 trillion won ($2.69 billion) with decliners far outstripping gainers 613 to 203.
"Foreigners again opted to offload shares amid an expanding market volatility stemming from a fear of the Fed," said Bae Sung-young, an analyst at Hyundai Securities Co.
U.S. Federal Reserve's indication that it may rein in its stimulus sent the Seoul bourse to rattle last week, plunging 4.78 percent.
Although the tapering of the quantitative easing is positive for Korea in the way that it means the U.S. economy is improving, the current level of fear will likely persist for some time.
"The fear is exaggerated especially among emerging countries because they have already been weighed down by the global downturn," Bae added.
Foreigners sold off a net 247.6 billion won, extending its losing binge for the 12th consecutive session since June 5.
Domestic-focused stocks drove down the KOSPI, led by telecom and state-run power providers. Top mobile carrier SK Telecom tumbled 4.95 percent to 201,500 won, with LG Uplus, the smallest player, diving 11.76 percent to 11,250 won.
Korea Electric Power Corp., the electricity provider, sank 2.29 percent to 25,650 won, and Korea Gas Corp. retreated 3.07 percent to 50,500 won.
Top-listed blue-chips were also mostly bearish. Market bellwether Samsung Electronics reverted to losses after bucking up gains earlier, ending down 0.91 percent to 1,313,000 won. In contrast, No. 1 automaker Hyundai Motor rose 0.25 percent to 202,500 won.
The local currency ended at 1,161.40 won against the greenback, down 6.7 won from Friday's close, mainly due to the KOSPI's fall, dealers said. (Yonhap News)
