South Korean shares closed more than 1% lower on Thursday as investors sought to book profits after stocks hit a two-month high in the previous trading session.
The Korea Composite Stock Price Index, or Kospi, was down by 31.57 points, or 1.24%, to close at 2,515.49. The Kosdaq decreased by 8.3 points, or 1.13%, to end at 724.01.
In economic news, South Korea's real gross domestic product increased 0.1% in the fourth quarter of 2024 from the previous quarter, according to an advance estimate by the Bank of Korea on Thursday.
According to a median forecast of economists polled by Reuters, the country's real GDP was expected to grow 0.2% on a quarterly basis.
The economy expanded by 1.2% in Q4 on an annual basis, slower than the growth of 1.5% in Q3. The Q4 annual growth was weaker than economists' expectations of a 1.4% increase during the period, as polled by Reuters.
Meanwhile, gross domestic income increased 0.6% on an on-quarter basis in Q4 and rose 3.9% on an on-year basis.
In corporate news, LG Innotek (KRX:011070) posted fourth-quarter 2024 net income of 106.9 billion won, down 69.5% from 350.8 billion won a year earlier. Its shares declined nearly 7%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.