Kospi slips as foreign investors cash in
The benchmark Kospi closed at 2,434.51, down 5.39 points, or 0.22 percent, from the previous trading day, continuing its losing streak for the second consecutive day.
Foreign investors sold 351.5 billion won ($313.6 million) in shares and retail investors offloaded 101.2 billion won worth. Institutional investors, on the other hand, purchased 460.3 billion won in shares.
The local stock market opened slightly higher, taking a cue from overnight Wall Street gains, but caved as foreigners sold holdings.
Samsung Electronics, the top cap here, edged down 0.32 percent to end at 2,492,000 won, and SK Hynix, a major chipmaker, dropped 5.11 percent to 66,800 won. Samsung SDS also plummeted 8.95 percent to close at 173,000 won and Samsung SDI lost 5.77 percent to 171,500 won.
Naver, the operator of the country’s top Internet portal, shed 1.43 percent to 825,000 won.
AmorePacific, the country’s top cosmetics maker, lost 1.22 percent to 284,000 won, after it announced that its second-quarter net profit plunged 59.6 percent on-year.
In contrast, No. 1 automaker Hyundai Motor climbed 1.37 percent to end at 148,000 won and its sister company Kia Motors also rose 0.27 percent to 36,900 won.
Steelmakers were among the gainers, with Posco rising 2.01 percent to 329,500 won.
Tobacco company KT&G rose 1.72 percent to 118,000 won and Hyundai Heavy Industries gained 2.86 percent to 180,000 won.
The secondary Kosdaq closed at 667.22, down 3.25 points, or 0.48 percent, from the previous trading day.
Celltrion rose 2.25 percent to 113,500 won, while CJ E&M dropped 3.95 percent to 75,300 won.
The local currency ended at 1,121.80 won against the greenback, down 6.50 won from the previous session’s close.
BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]
with the Korea JoongAng Daily
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