KOSPI sharply down late Monday morning on chip profit-taking
Summary
Korean shares fell sharply late Monday morning as investors locked in profits from large-cap tech shares in Seoul. The KOSPI dropped 167.51 points, or 2.37 percent, to 6,913.41 as of 11:20 a.m. Foreigners and institutions were heavy sellers, while Samsung Electronics and SK hynix led the decline. The won was trading at 1,361.2 per dollar, down 4.2 won from the previous session.
Key Facts
- The KOSPI opened 0.33 percent lower before deepening losses by 11:20 a.m.
- Foreign investors and institutions were the main sellers during the morning session.
- Samsung Electronics fell 4.29 percent and SK hynix dropped 4.73 percent.
- SK Square, the parent company of SK hynix, declined 7.23 percent.
- Samsung Electro-Mechanics fell 0.8 percent after opening higher.
The benchmark KOSPI and the won-dollar exchange rate are displayed on a screen at the dealing room of Hana Bank’s headquarters in Seoul, Monday. Yonhap
Korean shares extended losses late Monday morning as investors locked in profits from large-cap tech shares.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 167.51 points, or 2.37 percent, to 6,913.41 as of 11:20 a.m.
After opening 0.33 percent lower, the index came under a heavy selling-spree by foreigners and institutions.
Investors are digesting a series of factors, such as rising bond yields and murky prospects for the Middle East crisis.
Most market heavyweights were trading lower.
Top-cap Samsung Electronics shed 4.29 percent, while rival SK hynix declined 4.73 percent.
SK Square, the parent company of SK hynix, shed 7.23 percent. Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, decreased 0.8 percent after opening higher.
The Korean won was trading at 1,361.2 won against the U.S. dollar as of 11:20 a.m., down 4.2 won against the U.S. dollar compared to the close of the previous stock market session.
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