May 08, 2024

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[THE INVESTOR] Korean stocks finished slightly lower on April 3, dragged down by losses in tech and financial shares amid woes over possible regulations, analysts said. The Korean won rose to a more than three-year high against the US dollar.

The benchmark KOSPI dropped 1.73 points, or 0.07 percent, to close at 2,442.43. Trade volume was moderate at 487.4 million shares worth 7.6 trillion won (US$7.24 billion), with losers outnumbering gainers 424 to 399.

The local stock market opened lower taking a cue from overnight losses on Wall Street and remained in negative terrain as investors pulled out money, mainly from the tech and financial sectors, amid looming regulations, according to analysts.

Foreigners and institutions dumped a net 96.6 billion won and 26.9 billion won worth of local stocks, respectively, while individual investors bought 129.6 billion won.

Market bellwether Samsung Electronics fell 0.87 percent to 2,406,000 won, and flat panel maker LG Display dropped 1.56 percent to close at 25,300 won. SK hynix, a major chipmaker, was up 0.62 percent to 81,800 won.

KB Financial Group plunged 2.86 percent to 57,800 won, and Hana Financial Group nosedived 5.56 percent to end at 42,450 won after the country’s financial regulator said the previous day it found dozens of alleged hiring irregularities at KEB Hana Bank in 2013.

Steel shares were also bearish, with leading steelmaker POSCO moving down 0.76 percent to finish at 325,000 won.

In contrast, cosmetics maker Amorepacific jumped 3.6 percent to 345,000 won amid growing hopes over the end of China‘s economic restrictions on local firms over a missile defense dispute. LG Household & Health Care also added 1.84 percent to 1,274,000 won.

No. 1 carmaker Hyundai Motor was up 2.36 percent to 152,000 won and its smaller affiliate Kia Motors advanced 1.76 percent to close at 31,750 won.

The local currency closed at 1,054.20 won against the US dollar, up 2.40 won from the previous session’s close.

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