Profit-taking sends Kospi down 1.73%
The benchmark Kospi plunged 42.25 points, or 1.73 percent, to close at 2,400.99 after dipping to as low as 2,399.06 at one point.
The closing price marks the lowest since July 13, when the comparable figure was 2,409.49 points.
Trading volume was moderate at 315 million shares worth 6.9 trillion won ($6.1 billion), with losers outpacing gainers 625 to 188.
“A profit-taking stance seems to be taking hold among foreign investors,” said Seo Sang-young, an analyst at Kiwoom Securities.
“The overnight decline in the U.S. tech shares dampened local market sentiment.”
Foreigners offloaded shares worth a net 561 billion won, while institutions and retail investors scooped up 462 billion won and 77 billion won, respectively, keeping the index from falling further.
Top cap Samsung Electronics shed 4.1 percent to end at 2,388,000 won, as investors opted to lock in gains after the tech giant reported all-time high quarterly earnings the previous day.
Other market heavyweights also remained in negative terrain.
Global chipmaker SK Hynix declined 5.56 percent to 64,600 won, while LG Display, a major flat panel producer, lost 2.99 percent to end at 30,800 won. LG Chem, Korea’s top chemicals firm, moved down 2.42 percent to 323,000 won.
The secondary Kosdaq closed at 652.95, down 13.53 points, or 2.03 percent from the previous session. Top gainers including IT and pharmaceutical shares were weak Friday.
The local currency weakened 0.8 percent to 1,122.10 won against the U.S. dollar.
Three-year and 10-year government bond yields pushed up one basis point each to 1.72 percent and 2.23 percent.
BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]
with the Korea JoongAng Daily
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