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Institutional selling drags Kospi down

Aug 09,2017
Seoul’s main bourse closed lower Tuesday as institutional buyers went on a heavy selling-spree to partially offset some foreign buying, analysts said.

The Kospi retreated 4.02 points, or 0.17 percent, to close at 2,394.73. Trade volume was low at 243 million shares worth 4.5 trillion won ($4 billion), with losers outnumbering gainers 447 to 345.

Foreigners went on a two-day buying streak and purchased a net 80.2 billion won worth of shares on the main exchange, while institutional investors offloaded a net 153.5 billion won. Retail investors purchased 35.6 billion won in stock.

The Seoul index had opened higher on Wall Street gains. On Monday local time, U.S. stocks closed higher, with the Dow edging up 0.12 percent to its ninth-record closing high in a row and the S&P 500 adding 0.16 percent on consumer and technology sector gains.

“The U.S. stocks climbed on the back of tech and display gains, including Apple. Relevant shares on the Kospi also gained, but an upward momentum was hindered by various factors, such as falling oil prices,” said Seo Sang-young, an analyst at Kiwoom Securities.

Large caps on the Seoul bourse closed mixed.

Tech shares ended higher, with market bellwether Samsung Electronics adding 0.29 percent to end a three-day losing streak by closing at 2,386,000 won. SK Hynix, a major chipmaker, jumped 3.43 percent to 66,300 won.

Auto stocks closed bearish, with leading automaker Hyundai Motor losing 2.7 percent to 144,000 won and its sister company, Kia Motors, shedding 4.45 percent to 35,400 won. Hyundai Mobis decreased 1.38 percent to 250,000 won.

Leading game publisher NCsoft added 1.82 percent to close at 391,000 won despite the announcement of weak earnings for the second quarter. The gain is apparently due to the huge popularity of its mobile game, “Lineage M.”

The secondary Kosdaq closed at 651.67, up 3.28 points, or 0.51 percent from the previous session.

Celltrion advanced 1.11 percent to 109,400 won whereas affiliate Celltrion Healthcare slumped 2.7 percent to 48,650 won. CJ E&M added 0.14 percent to 71,700 won.


BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]


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