Seoul stocks dip below 2,000

South Korea's benchmark KOSPI index fell below 2,000 points on Monday as exporters lagged, squeezed by rising oil prices and expectations of stronger competition from Japan with a weaker yen. Auto and technology issues declined sharply. Hyundai Motor, South Korea's largest automaker, fell 3 percent while Hynix Semiconductor, the world's second-largest chipmaker, dipped 3.12 percent.
The Korea Composite Stock Price Index (KOSPI) closed 1.42 percent lower at 1,991.16 points. Foreign investors turned sellers, offloading a net 39.3 billion won ($34.9 million) worth of shares while institutions dumped shares for a ninth straight session, disposing of a net 200.6 billion won worth.
Crude oil refiners and petrochemical firms were battered as rising oil prices, with Brent crude sitting above a 10-month high at $125 a barrel, threatened to cut deeper into their eroding margins. S-Oil, South Korea's third-largest oil refiner, tumbled 4.92 percent while LG Chem, the country's largest chemical maker, shed 4.07 percent. The KOSPI 200 index fell 1.47 percent while the junior, tech-heavy KOSDAQ index shed 1.07 percent.