South Korean stocks closed lower for a second consecutive session on Aug 7, as heavy foreign selling and renewed Middle East tensions dampened investor sentiment.
Yonhap reported that the benchmark Kospi fell 37.61 points, or 0.6%, to close at 6,258.77, reversing an early gain of 1.09%. The index had tumbled 4.58% in the previous session amid a sharp sell-off in technology stocks.
Foreign investors sold a net 858.07 billion won worth of shares, outweighing purchases of 578.99 billion won by institutions and 266.98 billion won by retail investors. Trading remained relatively light, with 297.18 million shares worth 24.3 trillion won changing hands.
Market sentiment remained cautious amid uncertainty over the Strait of Hormuz and concerns that tensions involving Iran could keep oil prices elevated, adding further volatility to markets already unsettled by questions surrounding the artificial intelligence trade.
Among heavyweight stocks, SK hynix dropped 4.88% to 1,422,000 won, Hyundai Motor lost 1.12% and Lotte Shopping plunged 12.93%. Hanwha Ocean and Korean Air also ended lower.
Samsung Electronics bucked the broader decline, edging up 0.22% to 231,000 won, while Hanwha Aerospace jumped 4.08% to 1,097,000 won.
