Seoul shares end lower on Samsung woes; won slips for 7th day

Seoul shares closed lower Tuesday as Samsung and other market heavyweights came under heavy selling following overnight losses on Wall Street. The Korean won continued to slip against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 34.22 points, or 1.3 percent, to close at 2,570.70. Institutions and foreigners sold a combined 602 billion won (US$436 million) worth of stocks, exceeding individuals' stock purchases valued at 582 billion won. Trade volume was moderate at 337.43 million shares worth 8.75 trillion won, with losers outpacing gainers 688 to 195. Overnight, the Dow Jones Industrial Average fell 0.8 percent to 42,931.60, while the tech-heavy Nasdaq Composite rose 0.3 percent to 18,540.01. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics Co. fell 2.2 percent to a 52-week low of 57,700 won, top carmaker Hyundai Motor Co. declined 1.1 percent to 234,500 won, leading battery maker LG Energy Solution Ltd. shed 2.1 percent to 381,500 won, and national flag carrier Korean Air Co. was down 0.2 percent to 23,550 won. Among gainers, state utility Korea Electric Power Corp. rose 2.6 percent to 21,800 won, leading wireless services provider SK Telecom Co. climbed 2.1 percent to 57,500 won, and leading auto parts maker Hyundai Mobis Co. was up 1.4 percent to 247,500 won. The local currency was trading at 1,380.10 won against the greenback at 3:30 p.m., down 4.9 won from the previous session, extending its losing streak to a seventh day. Source: Yonhap News Agency