Foreign selling and Samsung earnings caution push Seoul stocks down nearly 2%

On Wednesday, South Korea’s benchmark KOSPI opened at 6,864.25 and finished at 6,803.90, a decline of 1.98% from the previous close. Foreign investors were net sellers of about 2.61 trillion won, while domestic institutions also sold roughly 672.6 billion won; retail investors bought a net 2.5608 trillion won but could not lift the market. Samsung Electronics, which had risen over 2% early in trading, erased its gains and closed 1.29% lower, and fellow chipmaker SK hynix slipped 2.82%, adding pressure to the market.

The secondary market Kosdaq fell below the 900 level, ending 2.34% down at 898.43. A stronger won, up 3.2 won per dollar, and reduced liquidity were cited by analysts as reasons for the cautious tone, despite record highs on U.S. exchanges.