SEOUL, June 13 (Yonhap) -- South Korean stocks snapped their seven-day winning streak Friday as rising tensions in the Middle East heightened investors' risk-off sentiment. The local currency was trading sharply lower against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 25.41 points, or 0.87 percent, to close at 2,894.62.
The KOSPI had gained ground for the seventh consecutive session until Thursday, surpassing the 2,900-point mark for the first time in more than three years.
Trade volume was heavy at 921 million shares worth 17.2 trillion won (US$12.6 billion), with losers far outnumbering winners 763 to 149.
Institutions dumped 610.9 billion won worth of local shares, offsetting foreign and retail investors' respective purchase of 121.2 billion won and 466.9 billion won.
Overnight, Wall Street closed higher on reduced inflationary pressure and stable interest rates. The Dow Jones Industrial Average gained 0.24 percent, the tech-heavy Nasdaq composite rose 0.24 percent, and the S&P 500 added 0.38 percent.
However, Israel conducted a preemptive strike on Iran, sapping investor sentiment. Israeli officials said the country has carried out waves of airstrikes against nuclear and military facilities in Tehran.
The U.S. Donald Trump administration's plan to add imported household appliances, such as dishwashers, washing machines and refrigerators, to the list of derivatives to be subject to 50 percent steel tariffs also hurt investors' risk appetite.
The expanded steel tariff scheme will take effect on June 23, affecting major South Korean companies, like Samsung Electronics and LG Electronics.
Sumber : yna.co.kr
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