South Korean stocks were down today more than 1 percent after a hot jobs report in the US increased investor-conviction regarding a July rates hike by the Federal Reserve this month.
Yonhap reported today that the benchmark Korea Composite Stock Price Index (KOSPI) retreated 29.58 points, or 1.16 percent, to finish at 2,526.71. Trading volume was high at 602.7 million shares worth 10.2 trillion won ($7.8 billion) with decliners far outpacing gainers 656 to 236. Foreigners sold a net 41.3 billion won worth of local equities, with institutions unloading a net 761.9 billion won. Individual investors were net buyers at 762.6 billion won.
Tech stocks were among the biggest decliners for the day, with top-cap Samsung Electronics diving 2.37 percent to 69,900 won. The company said today that it expects its operating profits to decline some 96 percent as chips oversupply persists.
Source: Qatar News Agency