After record high, market finishes lower
The benchmark Kospi shed 11.63 points, or 0.47 percent, to close at 2,439.90. Trade volume was moderate at 270 million shares worth 5.3 trillion won ($4.7 billion), with losers outnumbering gainers 499 to 300.
The local stock market opened nearly flat as investors sought profit-taking after the market closed at a record-high of 2,451.53 points in the previous session.
“The growth potential of the Kospi is limited despite favorable earnings reports from local companies, including SK Hynix, unless they come up with other content that can boost the shareholder value,” said Seo Sang-young, a researcher at Kiwoom Securities.
Market bellwether Samsung Electronics fell 1.69 percent to end at 2.5 million won, and SK Hynix, a major chipmaker, dropped 3.56 percent to 70,400 won despite its announcement on record-breaking net profit in the second quarter of this year.
Samsung Life Insurance fell 0.78 percent to 127,000 won, and KB Financial shed 1 percent to 59,600 won. Mirae Asset Daewoo fell 2.18 percent to 11,200 won.
The secondary Kosdaq slipped alongside the main bourse to close at 670.47, down 6.85 points, or 1.01 percent from the previous session. Semiconductors and IT companies, among which many account for the list’s top, were generally weak.
Celltrion slumped 3.39 percent to 111,000 won whereas Medytox and Komipharm, respectively, rose 1.36 percent to 617,300 won and 0.35 percent to 42,500 won. CJ E&M remained steady at 78,400 won.
The won weakened 0.1 percent to close at 1,115.30 won against the greenback.
Bond prices, which move inversely to yields, closed higher. The yield on three-year bonds fell 1.1 basis points at 1.71 percent, and the return on the benchmark 10-year government bond shed 1.3 basis points to 2.21 percent.
BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]
with the Korea JoongAng Daily
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