April 26, 2024

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[THE INVESTOR] Korean stocks closed lower on April 23 as foreign buyers went on a heavy selling spree to offset individual buying amid worries over a US interest rate rise, analysts said. The Korean won fell against the US dollar.

The benchmark KOSPI surrendered 2.22 points, or 0.09 percent, to close at 2,474.11.

Trading volume was heavy at 692 million shares worth 9.1 trillion won (US$8.5 billion) changing hands, with losers outnumbering gainers 425 to 400.

Foreigners offloaded a net 303.7 billion won worth of shares on the main exchange, while individual investors scooped up a net 303 billion won.

Large caps on the Seoul bourse had a mixed day, with biotech shares leading the losses.

Tech shares also saw mixed fortunes, with top cap Samsung Electronics losing 0.54 percent to end at 2,595,000 won. SK hynix, a major chipmaker, was unchanged at 84,400 won.

Shares of pharmaceutical companies lost ground, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, shedding 6.52 percent to end at 473,000 won. Celltrion also lost 6.88 percent to end at 250.500 won.

The country’s leading automaker Hyundai Motor surrendered 0.31 percent to 159,500 won, while its sister company, Kia Motors, was unchanged at 31,350 won.

The local currency closed at 1,069 won against the US dollar, down 1.70 from the last trading session.

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