South Korean stocks closed lower Thursday as investors remained concerned over surging oil prices and their adverse impact on the sputtering economy.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 17.06 points, or 1.05 percent, to 1,606.54, marking a six-session losing steak. Volume was moderate at 347.05 million shares worth 5.7 trillion won ($5.45 billion), with losers outpacing gainers 597 to 201.
A foreign sell-off also weighed on the market. Foreigners had sold more than they bought for the 19th consecutive day, dumping over 5 trillion won worth of shares during the period.
Most blue chips remained weak, with steel, shipyard and transportation shares leading the market plunge.
Steel making giant POSCO plunged 6.31 percent to 490,000 won and smaller Hyundai Steel fell 3.63 percent to 69,000 won. Top shipbuilder Hyundai Heavy Industries also lost 3.07 percent to 305,000 won on massive foreign selling.
Top flag carrier Korean Air plummeted 4.2 percent and smaller Asiana Airlines dipped 4.46 percent.
Auto shares performed poorly, ending a recent period of brisk trading amid concerns that ongoing labor disputes could incur production losses. Top automaker Hyundai Motor dived 4.49 percent to 70,200 and its affiliate Kia Motors lost 2.56 percent to 11,400 won.
However, chipmakers were among the few climbers as investors expected their business outlooks to improve. Tech giant Samsung Electronics inched up 0.48 percent to 633,000 won, while smaller rival Hynix Semiconductor surged 5.47 percent to 25,050 won.
On Wednesday, the price of Dubai crude hit a fresh record of $136.73 per barrel.
The tech-savvy Kosdaq market tumbled 1.85 percent to 546.59 on the oil price hike.
The Korean currency closed at 1,045 won against the dollar, down 10 won from Wednesday's close, as offshore investors picked up the greenback.