Seoul shares snap 5-day rally following US strike on Iran; won at 1-month low
South Korean stocks ended lower Monday to snap a five-day winning streak, over heightened Middle Eastern uncertainties following the United States' bombing attacks on key Iranian nuclear facilities over the weekend. The local currency was trading sharply lower against the US dollar.
The benchmark Korea Composite Stock Price Index slid 7.37 points, or 0.24 percent, to close at 3,014.47, after dipping to an intraday low of 2,971.36.
Trade volume was heavy at 619.8.7 million shares worth 17.76 trillion won ($12.8 billion), with losers outnumbering winners 646 to 265.
Foreigners and institutions combined sold local shares worth 1.32 trillion won, while retail investors snapped up shares worth 1.4 trillion won.
On Friday, the Kospi topped the 3,000-point mark for the first time in more than three years, backed by investor optimism over policies under the Lee Jae Myung administration.
But investor sentiment was dampened by heightened tensions in the Middle East over the weekend.
The US used B-2 bombers to launch air strikes on three key nuclear sites in Iran on Saturday, with President Donald Trump describing the operation as "successful" and claiming the Iranian sites were "obliterated."
Chip and bio shares led the overall losses, with market heavyweight Samsung Electronics dropping 2.52 percent to 58,000 won and Samsung Biologics slumping 2.36 percent to 992,000 won.
Battery and heavy machinery shares also retreated, with top battery manufacturer LG Energy Solution down 3.61 percent to 294,000 won and defense systems giant Hanwha Aerospace dropping 2.03 percent to 919,000 won.
Automotive and shipbuilders also lost ground. Top automaker Hyundai Motor plunged 4.05 percent to 201,500 won, and leading shipyard HD Hyundai Heavy Industries slid 2.14 percent to 433,500 won.
In contrast, internet-related shares and financial companies advanced. Top portal operator Naver soared 7.61 percent to 290,000 won, and KB Financial climbed 1.03 percent to 107,600 won.
The local currency was trading at 1,384.3 won against the greenback at 3:30 p.m., down sharply by 18.7 won from the previous session, and marking the lowest since May 21, when the corresponding reading was 1,387.2. (Yonhap)
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