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Seoul Stock Exchange hits year-to-date low after 3-day fall

SEOUL, Oct 06 (Yonhap) – South Korean stocks fell nearly 2% on Wednesday as Korea’s victory fell to a 14 – month low against the US dollar amid investor concerns. US Congress on the debt ceiling.

The Kospi (Korea Composite Stock Price Index), the Seoul Stock Exchange benchmark index, lost 53.86 points, or 1.82%, to 2,908.31 points at the end of Wednesday, reaching its lowest level since December 30 last year.

Trade volume was modest, with 887.63 million shares traded worth 15.4 trillion won (US $ 13 billion), and a much higher loss than the winners, 780 to 118.

Foreigners sold for a net volume of $ 278.7 billion, while retail investors won for a net volume of $ 176.8 billion. The institutions won a net amount of 84.2 billion.

Investors’ concerns are mounting when Chinese property developer Fantasia Holdings Group Co. failed. Debt repayment earlier this week amid a debt crisis by another major Chinese developer, Evergrande Group.

Given the lack of progress made in talks among U.S. lawmakers to raise the debt ceiling and avoid default by the Oct. 18 deadline, investor concerns have also increased.

Most of the major lower stock in Seoul was closed.

Samsung Electronics market leader fell 1.25 percent to 71,300 wins and chipmaker No. fell. 2 SK hynix 1.43 percent to 96,500 wins.

Samsung Biologics pharmaceutical company fell 2.59% to 791,000 wins and Celltrion won 2.75% to 212,000.

Chemical giant LG Chem fell 0.54 percent to 743,000 wins, while Hyundai Motor’s automotive rose 0.26 percent to 194,500 wins.

Internet portal operator Naver rose 0.67 percent to 373,000 wins, while online messaging giant Kakao rose 1.8 percent to 113,000 wins.

The local currency closed the session at 1,192.3 winning against the US dollar, a devaluation of 3.6 won since the previous session closed and the lowest level since August 4 last year, where it was at 1,194.1 winning against the green background.

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