On Friday, Seoul's stock market experienced a significant decline of over 3.5 percent, driven by concerns about the US economy despite signals from the Federal Reserve about potential rate cuts. The Korean won also weakened against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped by 101.49 points, or 3.65 percent, closing at 2,676.19. This week, the KOSPI has seen a 2 percent decrease, with heavy trade volume of 523.78 million shares valued at 12.87 trillion won ($9.38 billion). Institutions and foreigners collectively sold stocks worth 1.62 trillion won, outweighing individual stock purchases valued at 1.61 trillion won. In the US, the Dow Jones Industrial Average fell by 1.2 percent, and the Nasdaq dropped by 2.3 percent, with data revealing high unemployment claims and a contraction in manufacturing. The Federal Reserve indicated its intention to potentially lower benchmark rates in September if economic conditions align with its forecast. In Seoul, the majority of large-cap stocks experienced declines, particularly in the tech sector. However, a few sectors, such as battery and telecom, saw some gains. Market leader Samsung Electronics fell by 4.2 percent, while the No. 2 chipmaker SK hynix Inc. plunged by 10.4 percent. On the other hand, leading battery maker LG Energy Solution Ltd. and refiner S-Oil Corp. experienced modest gains. The local currency, the won, traded at 1,371.2 won against the dollar, reflecting a 6-won decrease from the previous session.