Blue-chip stocks lead losses on Kospi

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Blue-chip stocks lead losses on Kospi

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Korean stocks ended slightly lower Monday on increased selling by institutional investors, and the Korean won fell against the U.S. dollar.

The main index, the Kospi, shed 2.33 points, or 0.10 percent compared to the previous trading session, to close at 2,352.97. Bae Sung-young, a market analyst at KB Securities, blamed the losses on institutions offloading stocks in apparent profit-taking. They sold over 99 billion won ($88 million) worth of stocks, while retail and foreign investors each purchased 58 billion won and 12.6 billion won in shares.

Kim Ye-eun, an analyst at Cape Investment & Securities, added that losses by Samsung Electronics and other blue-chip stocks weighed on the index. Most large caps saw lackluster performances.

Market bellwether Samsung Electronics fell 1 percent to 2,281,000 won, and the state-run Korea Electric Power Corporation retreated 0.82 percent to 42,100 won. The nation’s largest automaker, Hyundai Motor, dropped 0.92 percent to 162,000 won, and its auto parts affiliate, Hyundai Mobis, went down with it, declining 0.18 percent to 281,000 won.

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By sector, IT services and oil and gas gained while construction and banks fell. Chipmaker SK Hynix gained 1.40 percent to close at 57,900 won, and Naver, operator of Korea’s most popular search engine, rose 0.12 percent to 856,000 won. LG Chem was up 1.64 percent to close at 309,500 won, and oil refiner SK Innovation added 1.79 percent to end the day at 170,500 won.

Korea’s secondary market, the Kosdaq, closed at 642.98, down 3.03 points or 0.47 percent from the previous trading day. All top-five companies listed on the tech-heavy stock market fell. Losses by bio shares in the New York Nasdaq market reverberated to Korean pharmaceutical companies, according to the Korea Exchange, the local stock market operator.

The Korean won closed at 1,121.70 against the U.S. dollar, down 1 won from the previous session’s close. Bond prices, which move inversely to yields, were mixed. The yield on three-year bonds fell 0.5 basis points to 1.672 percent, and the return on five-year bonds gained 0.1 basis point to end at 1.89 percent.


BY KIM JEE-HEE, YONHAP [kim.jeehee@joongang.co.kr]



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