South Korean Stocks Sink as KOSPI Faces Fresh Pressure
TLDR
- KOSPI fell 2.86% to 6,640.26 as investors reduced exposure to South Korean equities.
- Samsung Electronics and SK Hynix dropped nearly 3%, weighing heavily on the technology-focused benchmark.
- Brent crude approached $96 per barrel, raising fresh concerns about inflation and South Koreaโs energy import costs.
- The US 10-year Treasury yield climbed near 4.81%, increasing pressure on technology and other growth stocks.
- Foreign and institutional investors turned net sellers, while retail investors bought shares during the market decline.
South Korean stocks fell sharply on Wednesday as higher oil prices and rising global bond yields pressured major technology and industrial shares. The KOSPI dropped 2.86% to 6,640.26 by late morning after opening more than 3% lower in Seoul on Wednesday.
Samsung Electronics fell 2.97%, while SK Hynix lost 3.13%. Hyundai Mobis, HD Hyundai Heavy Industries and Hanwha Aerospace also declined as investors reduced exposure to risk assets.
KOSPI Slides as Foreign Investors Sell
Foreign and institutional investors returned as net sellers during the morning session. Foreign investors sold about 56.6 billion won, while institutions sold around 10.2 billion won. Retail investors moved in the opposite direction and bought shares during the decline.
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