South Korean Stock Market Plunges Over 3% as Investors Cash In Gains

Deep News05-19

South Korean stocks fell more than 3% on Tuesday, as an overnight decline in U.S. chip stocks prompted investors to take profits from the recent rally led by semiconductor manufacturers. Additionally, market participants were closely watching wage negotiations at Samsung Electronics. The benchmark KOSPI index closed down 244.38 points, or 3.25%, at 7,271.66 points.

Samsung Electronics ended the session 1.96% lower, after briefly trading higher during the day following news regarding the progress of its wage talks with labor unions. A mediation official stated on Tuesday that the two sides had narrowed their differences, as pressure from government and business groups mounted to avert an imminent and potentially damaging prolonged strike.

SK Hynix dropped 5.16%. Battery maker LG Energy Solution declined 1.96%. LG Chem fell 6.03%, major web portal Naver slipped 0.95%, and mobile communications app operator Kakao decreased 2.00%. Hyundai Motor tumbled 8.90%, while Kia Motors shed 4.68%. Steel manufacturer POSCO Holdings dropped 4.86%, and pharmaceutical firm Samsung Biologics fell 2.89%.

Foreign investors were net sellers of 6,262.307 billion won in the KOSPI market.

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