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Kospi retreats for third consecutive day

Aug 11,2017
Seoul’s main bourse retreated on Thursday, pulled down due to selling by foreign investors.

The benchmark Kospi closed at 2,359.47, down 8.92 points, or 0.38 percent, compared to the previous session. Thursday was the third straight day that the index fell. The index plummeted 1.2 percent while in session but recovered due to purchases by institutional investors.

While institutional investors were the main buyers of the local stock, scooping up 429.6 billion won ($375.9 million), foreign investors and retail investors net sold 285.8 billion won and 168.9 billion won each.

The shares fell across the index with large-cap falling 0.4 percent while medium- and small-cap retreating 0.1 percent and 0.8 percent each.

Market bellwether Samsung Electronics inched down 0.82 percent to 2,295,000 won on Thursday, leading steel maker Posco dropped 1.91 percent to 333,000 won and portal giant Naver nudged down 0.50 percent to 794,000 won.

Telecommunication companies were also in negative terrain.

SK Telecom shrank 2.00 percent to 269,000 won. KT slipped 2.66 percent to 32,950 and LG U+ lost 3.10 percent to close at 15,650 won.

Automotive companies were mixed across the board.

Hyundai Motor fell 0.68 percent to 145,000 won. Sister company Kia Motors also edged down 0.42 percent to 35,350 won on Thursday.

SK Hynix inched up 0.31 percent to 64,400 won and state-run energy company Korea Electric Power Corporation gained 0.68 percent to 44,450 won. NCSOFT advanced 1.16 percent to 394,000 won.

The secondary Kosdaq closed lower for second consecutive day, down 2.83 percent, or 0.44 percent, to 640.04. Top market cap and pharmaceutical company Celltrion fell 0.65 percent to 107,000 won.

The local currency closed at 1,142.00 won against the U.S. greenback, down 6.80 won from the previous session.

The return on three-year government bonds declined one basis point to 1.82 percent. The yield on 10-year bonds fell two basis points to 2.32 percent.


BY CHOI HYUNG-JO [choi.hyungjo@joongang.co.kr]


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