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Seoul stocks plummet 2.56% to a 3-year low

Aug 06,2019
Stocks plunged to a three-year low Monday as retail investors and foreigners remained net sellers throughout the day. The won dipped to a more than three-year low against the dollar.

The benchmark Kospi nosedived 51.15 points, or 2.56 percent, to 1,946.98, extending its losses to a fourth day. Trading volume was heavy at 626 million shares worth 6.46 trillion won ($5.3 billion), with losers far outpacing gainers 816 to 66.

The main bourse marked the lowest level since June 2016, when the comparable figure was at 1,936.22.

Foreigners and individuals sold a combined 758 billion won worth of shares. Institutions net purchased shares worth 734 billion won.

Most large-cap stocks declined across the board.

Samsung Electronics fell 2.2 percent to 43,950 won, while No. 2 chipmaker SK Hynix declined 0.9 percent to 75,400 won. LG Electronics went down 3.14 percent to 61,600 won, and LG Display dropped 4.78 percent to 12,950 won.

LG Chem plunged 4.8 percent to 315,500 won, and national flag carrier Korean Air shed 4.1 percent to 24,700 won. SK Innovation lost 1.78 percent to 165,500 won.

Automobile stocks ended mixed as well. Top automaker by sales Hyundai Motor remained unchanged at 127,500 won, while its sister company Kia Motors rose 1.2 percent to 43,300 won.

Auto parts maker Hyundai Mobis lost 1.42 percent to 242,500 won, and No. 2 tire maker Kumho Tire gained 0.4 percent to 4,025 won.

Leading steelmaker Posco lost 3.23 basis points to 210,000 won, and top portal operator Naver dropped 2.82 percent to 138,000 won. Kakao plunged 4.67 percent to 122,500 won, and Hyundai Glovis fell 0.96 percent to 155,500 won.

Telecom companies, however, ended positive. SK Telecom inched up 0.20 percent to 252,500 won, and KT gained 0.36 percent to 27,950 won. LG U+ jumped 3.46 percent to 13,450 won.

Korea’s top tobacco company KT&G gained 0.73 percent to 96,500 won, and Netmarble dropped 2.86 percent to 88,300 won.

The secondary Kosdaq plunged 45.91 points, or 7.46 percent, to close at 569.79.

The local currency closed at 1,215.30 won against the dollar, sharply up 17.30 won from the previous session. It marked the lowest since March 9, 2016, when the comparable figure was 1,216.20.

Bond prices, which move inversely to yields, ended higher. The yield on three-year bonds lost 8.8 basis points to 1.172 percent, and the return on 10-year bonds fell 9.6 basis points to 1.253 percent.

BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]