Seoul: Shares end lower on rising bond yields, tech sell-off

[SEOUL] South Korean shares closed lower on Tuesday, dragged by higher bond yields and weaker technology shares, although the benchmark index retreated from a more than 2 per cent fall seen during the session.

The Kospi closed down 19.99 points, or 0.67 per cent, at 2,976.12, extending the declines to a fourth straight session.

It plunged as much as 2.23 per cent to its lowest intraday level since Jan 5.

Korean tech shares tracked a sell-off in the tech-heavy Nasdaq that recorded a more than 10 per cent fall from its record close in February - a sign that the index is in a correction.

Foreigners were net sellers worth US$590.05 million on the main board.

REUTERS