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Jung Eun-bo, Chairman of the Korea Exchange, and employees hold a commemorative ceremony at the exchange’s PR hall in Yeouido, Seoul, on May 26. (Photo = Yonhap News) |
[Alpha Biz= Paul Lee] South Korean equity markets closed lower on May 28, as foreign investors intensified selling amid signals of potential interest rate hikes and rising global uncertainty.
The benchmark KOSPI declined 0.53% to 8,185.29, after briefly falling below the 8,000 level during intraday trading. The tech-heavy KOSDAQ also dropped 2.54% to 1,104.36.
Foreign and institutional investors sold a combined KRW 3.79 trillion worth of shares, while retail investors bought KRW 3.64 trillion, cushioning the decline.
Among major stocks, Samsung Electronics fell 2.44%, while Hyundai Motor and HD Hyundai Heavy Industries also declined, reflecting broad-based selling pressure.
In contrast, gains were seen in select names including LG Energy Solution, Samsung Electro-Mechanics, and SK Hynix, partially offsetting index losses.
Market sentiment was further weighed down by comments from the Bank of Korea signaling a potential rate hike, as well as geopolitical tensions following reports of U.S. military action involving Iran.
In the currency market, the Korean won weakened slightly, with the USD/KRW exchange rate closing at 1,502.8.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
