SEOUL: South Korean stocks dropped 0.67 percent on Tuesday, extending their losing streak to a third consecutive session, as foreign investors dumped big-cap shares amid growing uncertainties over the Greek debt issue, analysts said. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,028.72, down 13.6 points from the previous session. Trading volume was moderate at 376.41 million shares worth 6.3 trillion won (US$5.63 billion), with decliners surpassing gainers at 528 to 285.
Analysts said the fall came amid persisting fears over the Greek debt default, coupled with the recent lifting of South Korea’s daily stock price limit.
“The Greek debt problem is ratcheting up market noise on a global level, and it has now coincided with the increase in the daily price cap,” said Kim Sung-hwan, an analyst at Bookook Securities Co.
Negotiations between Greece and its creditors failed to reach a compromise over the weekend and have been at a stalemate since.
