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Seoul Shares Slip While Wall Street Remains Steady

SEOUL, South Korea – South Korean shares, along with the won, slipped as the stock market drew to a close on Tuesday. While investors in the region remain wary over mixed signals coming from US President Trump, Wall Street remained steady.

South Korea’s stock market was sluggish right from the start, despite the gains enjoyed by Wall Street. The Korea Composite Stock Price Index (KOSPI) dropped 0.34%, or 7.45 points, to hit 2,153.24.

The MSCI index showed that Asia-Pacific shares outside of Japan rose 0.46% as US shares closed slightly higher. Meanwhile, Japanese stocks dropped 0.53%.

One analyst from Kiwoom Securities explained that even though the US stock market remained stable, non-cyclical stock was the reason behind it. The analyst noted that these stocks weren’t really a vital factor in the country’s stock market. The price of oil dropping in the international market also dampened the mood.

Investors were also feeling some anxiety over a CNBC report claiming Chinese officials were unhappy with the US’ hesitance in rolling back tariffs. China reportedly believed that the US had already agreed to do so. Aside from the simmering tension between the two countries, investors remain worried about Hong Kong.

Institutions and foreigners were the day’s net sellers, and they offloaded 120 billion won and 10 billion won, respectively. Meanwhile, solo investors picked up shares worth around 94 billion won.

Samsung Electronics remained steady at 53,500 won, but SK Hynix declined 0.23% to reach 85,300 won. Pharmaceutical firms were some of the day’s big losers. Celltrion fell by as much as 1.61% to hit 183,500 won. Meanwhile, Samsung BioLogics dropped 0.75% to rest at 399,000 won.

The country’s top car manufacturer Hyundai Motor and its sister company Kia Motors also saw their shares dropping. Hyundai stocks slid 0.79% to 125,000 won while Kia fell 0.46% to 43,500 won. But car parts maker Hyundai Mobis enjoyed a gain of 0.59% to reach 257,000 won.

While South Korea’s stock market ended the day in a less than satisfactory manner, Wall Street’s gains at the start of the week were considered record-breaking. The gains were admittedly minor, but the fact that all the indices were at an all-time high at the beginning of the session was reason enough to celebrate.

The Dow remained above 28,000 and enjoyed an advance of 0.11%, or around 31 points, to hit 28,036.22. The Nasdaq was also up by 0.11%. It might be around 9 points, but it reached 8,549.94. Meanwhile, the S&P rose 0.05% to 3,122.03.

Seoul Shares Slip While Wall Street Remains Steady