Korean stocks dip nearly 2% on tech, auto losses


South Korean stocks fell by almost 2 percent on Thursday, driven by a decline in tech and auto shares following a drop in the US stock market. The benchmark Korea Composite Stock Price Index closed at 2,710.65, losing 1.74 percent, with heavy trading volume and more losers than gainers. Foreign investors continued to sell off local shares, while retail investors were net buyers. The market was influenced by concerns about overvaluation of tech shares and slowing growth, particularly impacting tech giants like Samsung Electronics and SK hynix. The tech-heavy Nasdaq's 3.64 percent plunge and the Dow Jones Industrial Average's 1.25 percent drop on Wednesday contributed to the negative sentiment in Seoul. While tech and auto stocks suffered losses, pharmaceutical and chemical firms saw positive movement, with industry leaders Celltrion and LG Chem making gains. The local currency also experienced a slight decline against the US dollar, trading at 1,385.45 won.


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