Seoul stocks decline amid global selloff

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Seoul stocks decline amid global selloff

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Seoul’s main bourse dropped on Wednesday on weakened investor sentiment as major stock markets fell abroad.

The benchmark Kospi closed at 2,168.30, down 10.08 points, or 0.46 percent, from the previous trading day.

The local stock market opened lower, retreating from an almost six-year high from the previous session, as investors opted to cash in part of their recent gains.

Global investment sentiment turned bearish over concerns that Donald Trump may struggle to deliver on his economic policies, including tax cuts.

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“Investors’ sentiment was hurt by the sharp decline on Wall Street,” said Seo Sang-young, an analyst at Kiwoom Securities.

But a further fall in local equities may be limited as the nation’s exports remained steady. Government data showed Tuesday that Korean exports during the first 20 days of March gained 14.8 percent on year.

Foreign investors offloaded 101.9 billion won ($90.7 million) in shares and institutional investors sold 127.7 billion won worth of stock. Retail investors, on the other hand, bought 183.8 billion won in shares.

Samsung Electronics fell 0.23 percent to end at 2,123,000 won, while chipmaker SK Hynix rose 2.31 percent to 48,650 won.

Naver, operator of the top Internet portal, shed 2.53 percent to 849,000 won.

Hyundai Motor remained flat at 170,000 won, and its smaller affiliate Kia Motors slid 2.22 percent to 37,450 won. SK Telecom rose 2.57 percent to 259,500 won and tobacco firm KT&G added 0.31 percent to 95,800 won.

LG Electronics jumped 3.44 percent to 69,200 won as LG Display rose 2.08 percent to 29,500 won.

The secondary Kosdaq closed at 607.57, down 2.16 points, or 0.35 percent, from the previous trading day.

Celltrion fell 0.33 percent to 89,500 won, while Kakao rose 0.58 percent to 86,600 won.

The local currency closed at 1,123.30 won against the U.S. dollar, down 3 won.

Bond prices closed higher.

The yield on three-year Treasurys fell 0.8 basis point to 1.662 percent, and the return on the benchmark five-year government bond declined 1.4 basis points to 1.849 percent.


BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]


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