April 19, 2024

• 

[THE INVESTOR] Korean stocks tumbled on Feb. 2 as shares of Samsung Electronics slumped and foreign investors were net sellers of local stocks. The Korean won declined against the US dollar.

The benchmark KOSPI shed 43.15 points, or 1.68 percent, to close at 2,525.39. Trade volume was moderate at 476 million shares worth 8 trillion won (US$7.40 billion).

The local stock market opened lower as investors remained cautious about rising US Treasury yields.

Shares of Samsung Electronics fell after a series of forecasts by brokerages at home and abroad downgraded the company‘s target price.

Kim Byung-yeon, an analyst at NH Investment & Securities, said market sentiment was weighed down by higher US Treasury yields as it may trigger an inflow of funds into bond markets.

Samsung Electronics sank 4.26 percent to 2,385,000 won, and SK hynix, a global chipmaker, fell 2.96 percent to 72,200 won.

Naver, the operator of the country’s top internet portal, shed 1.95 percent to 905,000 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 1.25 percent to 162,500 won and its smaller affiliate Kia Motors climbing 2.62 percent to 35,250 won.

The local currency closed at 1,079.70 won against the US dollar, down 7.80 won from the previous session’s close.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)