April 24, 2024

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South Korean stocks closed sharply lower on May 7 as increased geopolitical tension and the escalating trade war between the United States and China dampened investor sentiment, analysts said. The Korean won gained ground against the US dollar.

The benchmark Kospi dropped 19.33 points, or 0.88 percent, to close at 2,176.99. Trading volume was moderate at 472 million shares worth 5.33 trillion won ($4.56 billion), with losers far outpacing gainers 634 to

Institutional investors offloaded a massive 479 billion won worth of stocks, while foreigners bought a net 202 billion won. Retail investors scooped up a net 282 billion won.

The local currency closed at 1,166.50 won against the US dollar, up 3.50 won from the previous session.

By Ram Garikipati and newswires (ram@heraldcorp.com)