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Seoul: Stocks fall after US tech shares slide, won down

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[SEOUL] South Korean shares fell on Monday as a drop for the US technology sector hurt sentiment, dragging the local sub-index for electric and electronics shares down nearly two per cent.

The Korea Composite Stock Price Index (Kospi) closed down one per cent at 2,357.87 points.

LG Display was one of the biggest losers, ending 4.9 per cent down. At one point, it was off 5.5 per cent, the biggest daily percentage drop since mid-February.

Foreign investors sold a net 144.7 billion won (S$178.32 million) of Kospi shares for the day.

The South Korean won buckled against the US dollar due to a cautious mood ahead of Federal Reserve's June meeting, where a US rate hike is largely expected.

The won was quoted at 1,127.3 to the US dollar at the conclusion of onshore trade, down 0.4 per cent from Friday's close of 1,123.2.

REUTERS

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