April 24, 2024

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[THE INVESTOR] Korean stocks closed lower on March 7 over lingering fears of a global trade war after a key advocate of free trade and aide of US President Donald Trump resigned. The Korean won rose against the US dollar.

The benchmark KOSPI fell 9.59 points, or 0.4 percent, to close at 2,401.82. Trade volume was moderate at 405 million shares worth 8.02 trillion won (US$7.50 billion).

The local stock market opened lower as foreign and institutional investors remained net sellers of local stocks

Investor sentiment was knocked by news that White House economic adviser Gary Cohn resigned in protest over Trump’s tariff move.

Seo Sang-young, an analyst at Kiwoom Securities, said some investors also booked profits from recent gains.

Samsung Electronics rose 3.4 percent to end at 2,431,000 won, and SK hynix, a global chipmaker, edged up 0.36 percent to 82,700 won.

Naver, the operator of the country’s top internet portal, shed 0.13 percent to 795,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 2.87 percent to 152,500 won and its smaller affiliate Kia Motors dipping 2.65 percent to 33,100 won.

The local currency closed at 1,069.10 won against the USdollar, up 7 won from the previous session’s close.

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