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South Korean stocks retreated 1.55 percent Tuesday on losses by blue-chip steelmakers and chemical companies amid jitters over the U.S. stimulus cut, analysts said.
The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) closed down 29.79 points to 1,887.85. Trading volume was moderate at 345.5 million shares worth 4.19 trillion won ($3.73 billion) with decliners far outstripping gainers 707 to 123.
"What investors across the globe fear the most is a yield spike in government bonds from the Fed's tapering. With no momentum to fuel the market or ease the jitters, such fear has put downward pressure on the index," said Kim Sung-hwan, an analyst at Bookook Securities Co.
The Fed's reduction of its massive bond purchases is expected to trigger a huge outflow of foreign funds from Asia. This kind of renewed fear sent other Asian markets to tumble on Tuesday, with the Japanese Nikkei average declining 2.63 percent.
Institutions opted to reduce their holdings in local equities, unloading a net 285.2 billion won. But foreigners propped up the KOSPI with a net buying of 289.3 billion won.
"A firm foreign inflow demonstrates expectations for a recovery in the eurozone, offsetting concerns over U.S. monetary policy," Kim added.
Steelmakers and chemical firms sent the main bourse to fall sharply. Hyundai Steel slumped 4.81 percent to 71,300 won, and LG Chem dropped 3.65 percent to 277,500 won.
Construction companies also finished bearish. Daelim Industrial, a major builder here, lost 2.17 percent to 85,700 won.
Top-listed stocks closed lower, with Samsung Electronics shedding 1.32 percent to 1,269,000 won and Hyundai Motor sliding 2.35 percent to 229,000 won.
The local currency ended at 1,120.80 won against the greenback, down 5.2 won from Monday's close, mainly due to the KOSPI's fall, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries fell 0.05 percentage point to 2.94 percent and the return on the benchmark five-year government bonds declined 0.06 percentage point to 3.28 percent. (Yonhap News)
The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) closed down 29.79 points to 1,887.85. Trading volume was moderate at 345.5 million shares worth 4.19 trillion won ($3.73 billion) with decliners far outstripping gainers 707 to 123.
"What investors across the globe fear the most is a yield spike in government bonds from the Fed's tapering. With no momentum to fuel the market or ease the jitters, such fear has put downward pressure on the index," said Kim Sung-hwan, an analyst at Bookook Securities Co.
The Fed's reduction of its massive bond purchases is expected to trigger a huge outflow of foreign funds from Asia. This kind of renewed fear sent other Asian markets to tumble on Tuesday, with the Japanese Nikkei average declining 2.63 percent.
Institutions opted to reduce their holdings in local equities, unloading a net 285.2 billion won. But foreigners propped up the KOSPI with a net buying of 289.3 billion won.
"A firm foreign inflow demonstrates expectations for a recovery in the eurozone, offsetting concerns over U.S. monetary policy," Kim added.
Steelmakers and chemical firms sent the main bourse to fall sharply. Hyundai Steel slumped 4.81 percent to 71,300 won, and LG Chem dropped 3.65 percent to 277,500 won.
Construction companies also finished bearish. Daelim Industrial, a major builder here, lost 2.17 percent to 85,700 won.
Top-listed stocks closed lower, with Samsung Electronics shedding 1.32 percent to 1,269,000 won and Hyundai Motor sliding 2.35 percent to 229,000 won.
The local currency ended at 1,120.80 won against the greenback, down 5.2 won from Monday's close, mainly due to the KOSPI's fall, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries fell 0.05 percentage point to 2.94 percent and the return on the benchmark five-year government bonds declined 0.06 percentage point to 3.28 percent. (Yonhap News)
