Seoul: Stocks end lower on Fed taper talk, crypto anxiety

[SEOUL] South Korean shares slipped on Thursday, tracking overnight Wall Street losses as the US Federal Reserve released minutes of its April meeting, while a crash in cryptocurrencies also weighed on sentiment.

The benchmark Kospi closed down 10.77 points, or 0.34 per cent, at 3,162.28, as markets resumed trading after a holiday on Wednesday. It gained 1.23 per cent on Tuesday.

Among heavyweights, technology giant Samsung Electronics fell 0.13 per cent, while peer SK Hynix rose 1.24 per cent. Battery maker LG Chem and internet giant Naver rose 2.50 per cent and 0.43 per cent, respectively.

Minutes of the US central bank's last meeting said a number of Fed policymakers thought that if the economy continued rapid progress, it would be appropriate "at some point" in upcoming meetings to begin discussing tapering government bond purchases.

"A collapse in cryptocurrencies dampened investor sentiment," said Seo Sang-young, an analyst at Mirae Asset Securities.

Foreigners were net sellers of US$575.11 million worth of shares on the main board.

REUTERS