Seoul Stocks Slip on Inflation Fears and Higher Yields

South Korean stocks fell for a second consecutive session on Tuesday due to inflation worries and higher US Treasury yields. The Korea Composite Stock Price Index, the benchmark for the country's market, lost 18.93 points, or 0.27 percent, to end at 6,870.81.

The index opened lower and extended its losses in afternoon trading as foreign and institutional investors sold local shares. Foreigners sold a net of 2.9 trillion won, while individuals and institutions bought a net 1.14 trillion won and 121.06 billion won, respectively.

Rising US Treasury yields, which reached multiyear highs, weighed on investor sentiment, according to Lee Kyoung-min, an analyst at Daishin Securities. 'The local stock market was bearish as rising US Treasury yields weighed on investor sentiment, while renewed gains in global oil prices further dampened risk appetite,' he said.