ANN/THE KOREA HERALD – South Korean shares ended significantly lower on Friday, extending their losing streak to a fourth straight session amid growing fears of a potential United States (US) recession.
Conversely, the local currency strengthened against the US dollar.
The Korea Composite Stock Price Index (KOSPI) fell by 31.22 points, or 1.21 per cent, closing at 2,544.28. Trading activity was moderate, with 368.9 million shares traded, totalling KRW8.5 trillion (USD6.4 billion). Declining stocks outnumbered advancing ones by a ratio of 760 to 139.
Foreign investors continued their selling trend for the fourth session in a row, offloading a net KRW265.3 billion in domestic shares.
Meanwhile, retail investors remained net buyers for the fifth consecutive session, acquiring a net KRW170 billion. Institutional investors also bought a net KRW83.7 billion.
The index has been on a steady decline since Tuesday, when the US reported a worse-than-expected manufacturing purchasing managers index, suggesting a potentially looming recession.
