Seoul shares end two-day rise after global sell-off

South Korean stocks ended a two-day rebound after the global crash as investor sentiment was dampened by lingering US recession woes and the sluggish performance of big tech firms. The local currency slightly fell against the US dollar.

The benchmark Korea Composite Stock Price Index dropped 11.68 points, or 0.45 percent, to close at 2,556.73.

Trade volume was moderate at 477.7 million shares worth 11.2 trillion won ($8.1 billion), with losers closely beating winners 464 to 423.

Foreigners and institutions led the decline, dumping a net 527.5 billion won and 286.3 billion won, respectively. Individual investors scooped up a net 809 billion won.

The Kospi had risen for two straight sessions after plunging nearly 9 percent Monday due to massive sell-offs.

Overnight, US stocks also finished bearish after weaker-than-expected demand in a 10-year US bond auction amid continuing jitters. The Dow Jones Industrial Average fell 0.6 percent, and the Nasdaq composite dropped 1.05 percent.

In Seoul, most shares went red, driven by losses in chips and electric vehicle batteries.

Samsung Electronics, the world's largest memory chip maker, declined 1.74 percent to 73,400 won and its rival SK hynix sank 3.48 percent to 163,400 won. Hanmi Semiconductor, a leading chipmaking equipment maker, declined 2.78 percent to 104,900 won.

Leading battery maker LG Energy Solution fell 1.08 percent to 321,000 won, and Posco Future M tumbled 5.23 percent to 199,500 won.

Mobile messenger giant Kakao rose 0.39 percent to 38,450 won after its founder Kim Beom-su was indicted on stock manipulation charges related to the firm's takeover of K-pop powerhouse SM Entertainment last year.

Hybe, the record label behind global superstar BTS, gained 1.27 percent to 183,800 won even after its member Suga was involved in a drunk-driving incident.

The local currency was trading at 1,377.2 won against the dollar as of 3:30 p.m., down 0.4 won from the previous session. (Yonhap)