[THE INVESTOR] Korean stocks retreated on Sept. 7 as tech heavyweights slumped on concerns that a two-year memory chip boom may be losing steam, amid lingering uncertainties over trade disputes between the United States and China. The Korean won strengthened against the greenback.
The benchmark KOSPI dropped 6.03 points, or 0.26 percent, to close at 2,281.58. Trade volume was moderate at 351.6 million shares worth 6.09 trillion won (US$5.43 billion), with winners beating losers 476 to 341.
Offshore investors remained net sellers for a third consecutive day as a public comment period on Washington’s plan for fresh tariffs on US$200 billion of Chinese imports ends later in the day.
Foreign investors dumped a net 771.6 billion won worth of local stocks, while institutions and retail investors bought a net 500.9 billion won and 224.53 billion won, respectively.
The local currency closed at 1,122.80 won against the US dollar, up 1.20 won from the previous session.
By Song Seung-hyun and newswires (
ssh@heraldcorp.com)