April 25, 2024

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[THE INVESTOR] Korean stocks ended lower as investors took a cautious stance before the US monetary meeting this week. The won fell against the US dollar.

The benchmark KOSPI fell 18.94 points, or 0.76 percent, to finish at 2,475.03. Trade volume was moderate at 471.37 million shares worth 5.87 trillion won (US$5.50 billion), with decliners outpacing advancers, 534 to 275.

Foreigners turned to net sellers, offloading 83 billion won after scooping up 164 billion won worth of stocks a session earlier. Institutions also dumped a net 52 billion won, but individuals bought 148 billion won worth of shares, keeping the KOSPI from falling further.

Analysts said investors became more cautious as the US Federal Reserve is set to make a decision on rate hikes later this week. The Fed said it plans to raise interest rates at least three times this year.

Large-cap shares were mixed across the board.

Market bellwether Samsung Electronics fell 0.78 percent to 2,537,000 won, while No. 2 chipmaker SK hynix rose 0.11 percent to 89,900 won. Leading steelmaker POSCO gained 0.29 percent to 343,000 won.

Affected by an ongoing US probe on faulty air bags, which caused crashes, leading carmaker Hyundai Motor plunged 3.81 percent to 319,000 won. Its affiliates Kia Motors declined 3.53 percent to 31,400 won and Hyundai Mobis was down 2.38 percent at 226,000 won.   

The local currency closed at 1,071.60 won against the US dollar, down 5.40 won from the previous session.

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