Stocks close lower for fifth straight day on rate hike woes

Stocks closed lower Monday to extend its losing streak to a fifth consecutive session amid lingering woes over more U.S. rate hikes. The won fell against the dollar. After choppy trading, the benchmark Kospi shed 0.24 percent to finish at 2,520.7.

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,520.70 points on Monday, down 0.24 percent, or 6.01 points, from the previous trading session. [YONHAP]

Stocks closed lower Monday to extend its losing streak to a fifth consecutive session amid lingering woes over more U.S. rate hikes. The won fell against the dollar.

After choppy trading, the benchmark Kospi shed 6.01 points, or 0.24 percent, to finish at 2,520.7.

Trading volume was moderate at 553.1 million shares worth 9.53 trillion won ($7.29 billion) with decliners outpacing gainers 450 to 428.

Foreigners sold a net 152.9 billion won worth of local equities, with institutions unloading a net 190.6 billion won. Individual investors were net buyers at 312.6 billion won.

All U.S. stock indexes finished lower Friday after mixed U.S. labor market data opened the door to the Fed's additional rate hikes.

The Fed is widely expected to resume monetary tightening later this month during the rate-setting Federal Open Market Committee meeting. The U.S. central bank has paused its rate hike campaign last month after 10 consecutive rate increases.

In Seoul, most large-cap stocks on the Kospi ended in negative terrain.

Samsung Electronics declined 0.57 percent to close at 69,500 won, and SK hynix lost 1.34 percent to 110,300 won.

LG Energy Solution lost 2.14 percent to 550,000 won, and Samsung SDI slid 1.72 percent to 685,000 won.

LG Chem went down 0.3 percent to 654,000 won.

LG Electronics plunged 3.82 percent to 11,8300 won after the appliance maker's preliminary earnings guidance released Friday showed its second-quarter operating profit stood below market consensus.

Auto and steel shares traded mixed.

Hyundai Motor gained 0.74 percent to 205,500 won, while Kia retreated 0.46 percent to 87,500 won.

Posco Holdings went down 0.75 percent to 397,000 won, but Posco Future M surged 2.38 percent to 408,000 won.

The local currency ended at 1,306.5 won against the dollar, up 1.5 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds advanced 5.7 basis points to 3.792 percent, and the yield on the benchmark 10-year government bonds climbed 3.0 basis points to 4.066 percent.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]