Seoul: South Korean stocks finished markedly lower Friday, as investors took a breather following recent gains while watching developments in tariff talks with the United States. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 61.99 points, or 1.99 percent, to close at 3,054.28.
According to Yonhap News Agency, trade volume was moderate at 511.83 million shares worth 13.25 trillion won (US$9.93 billion), with losers beating winners 738 to 160. Institutional investors net sold 444.03 billion won worth of stocks, while individuals and foreigners purchased a net 257.06 billion won and 162.27 billion won worth of shares, respectively.
The index opened slightly higher, tracking Wall Street gains, but soon turned negative and extended losses. The decline came one day after the index jumped to the highest level in nearly four years, driven by the National Assembly's passage of the shareholder-friendly Commercial Act revision and progress in tariff talks between the United States and Vietnam.
Eyes are now on Seoul's tariff talks with Washington as just a week remains until the July 8 deadline set by U.S. President Donald Trump. Trade Minister Yeo Han-koo is scheduled to visit the U.S. this week for last-minute negotiations.
According to foreign media reports, Trump said that his government will start sending out letters to trading partners on Friday setting unilateral tariff rates ranging from 10 percent up to 70 percent, which countries would have to pay starting August.