Kospi slips due to global uncertainty
The benchmark Kospi closed at 2,386.85, down 40.78 points, or 1.68 percent, from the previous trading day.
Foreign investors offloaded 403.9 billion won ($358.3 million) in shares due to uncertainties coming from the new revisions to the current tax system and regulation on the real-estate market announced on Wednesday.
Retail investors bought 356.3 billion won in shares and institutional investors bought 10.1 billion won worth.
“Geopolitical worries were heightened following Trump’s announcement. In addition, the Seoul government’s announcement of a tax code revision acted as a negative factor for investors,” said Lee Yeong-gon, a Hana Financial Investment analyst.
Most large caps closed lower on the Seoul bourse, with tech and insurance shares pushing down the main index.
Market bellwether Samsung Electronics ended at 2,389,000 won, down 2.48 percent from the previous session’s close and SK Hynix lost 3.68 percent to 65,500 won. Naver surrendered 2.14 percent to 778,000 won.
LG Display fell 2.51 percent to 31,100 won, and Lotte Shopping dropped 2.08 percent to 258,500 won.
Insurers lost ground, with Samsung Life Insurance dropping 2.75 percent to 124,000 won.
The secondary Kosdaq closed at 643.09, down 14.43 points, or 2.19 percent, from the previous trading day.
Celltrion lost 3.39 percent to 102,700 won and CJ E&M dropped 1.63 percent to 72,500 won.
The local currency closed at 1,128,80 won against the U.S. dollar, down 4.80 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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