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Seoul Stocks Close 0.8% Lower Due to Bleak Economic Perspective

Bleak economic outlook dampened appetite for Seoul stocks

The benchmark Korea Composite Stock Price Index (KOSPI) closed 0.80 percent lower at 1,924.96 on Thursday due to a grim forecast for global economic recovery amid the pandemic.

On top of that, there were also concerns over renewed trade tensions between the United States and China.

Trading was at 744 million shares worth 9.3 trillion won, with losers outnumbering gainers 638 to 229.

The bleak outlook for a slow economic recovery came from U.S. Federal Reserve Chair Jerome Powell, which Kiwoom Securities analyst criticized as "not helpful" as it may result in more foreign sell-offs.

While foreigners sold 552 billion won and institutions dumped238 billion won worth of local stocks, individuals acquired 785 billion won worth on the Seoul bourse.

Shares of Samsung Electronics went down 1.13 percent to 48,000 won as chipmaker SK Hynix plunged 3.59 percent to 80,600 won.

Automaker Hyundai Motor Group tumbled by 0.86 percent to 2,300 won, as auto parts manufacturer Hyundai Mobis dipped 0.59 percent to 169,500 won.

Meanwhile, LG Chem sank 2.13 percent to 344,500 won, while steelmaker POSCO plummeted 2.89 percent to 168,000 won.

Among the winners were pharmaceutical giant Celltrion, which surged 0.93 percent to 217,000 won, and mobile messenger app operator Kakao, which rose 3.93 percent to 225,000 won.

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