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Korean stocks closed 0.9 percent lower Tuesday as concerns about a potential U.S. rate hike weighed on market sentiment here. The local currency sharply fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 17.57 points to 1,937.68, the lowest since late February. A total of 511 million shares were traded, worth 4.9 trillion won ($4.2 billion), with losers outnumbering gainers 582 to 247.
Foreigners and institutional investors sold a net 120 billion won worth of stocks, while individuals scooped up shares valued at 79.4 billion won.
The KOSPI was apparently tracking the overnight slide on Wall Street, dented by some U.S. Federal Reserve officials' public remarks suggesting a rate hike as early as next month.
Analysts here also cited the lack of a driving force for the KOSPI.
"With the possibility of the U.S. rate hike in June growing, there are few favorable factors to lift the market," said Kim Jung-hwan, an analyst at Mirae Asset Daewoo. "The South Korean stock market will show limited movement for the time being as institutions and foreigners are also passive in trading."
Tech firms were hit with No. 1 market cap Samsung Electronics declining 1.17 percent to 1,271,000 won, and major chipmaker SK hynix down 1.29 percent to 117,000 won.
Industry leader Hyundai Motor gained 0.38 percent to 133,500 won. The state-run Korea Electric Power Corp. shed 0.5 percent to 59,600 won, and leading steelmaker POSCO also lost 1.2 percent to 205,000 won.
Korea's currency closed at 1,192.80 won against the greenback, down 9.9 won from the previous session. (Yonhap)
