Market falls due to institutional sell-off

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Market falls due to institutional sell-off

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Korean stocks fell Friday, hit by a sell-off by institutional investors.

The benchmark Kospi declined 3.3 points, or 0.14 percent, to close at 2,358.37. Trade volume was moderate at 195 million shares worth 4.05 trillion won ($3.54 billion).

The local stock market opened lower, tracking a loss on Wall Street overnight following a deadly attack in Spain and political uncertainties in the United States. U.S. President Trump posted plans on his Twitter to dissolve two advisory councils composed of top American businessmen.

“The decline in the U.S. stock markets came after investors opted to cash in part of recent gains,” said Seo Sang-young, an analyst at Kiwoom Securities.

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Institutional investors shed 89.6 billion won in shares. Further decline of the index was stopped by retail and foreign investors which each net purchased 54 billion and 8.8 billion won.

Large-cap shares saw mixed results on Friday but collectively fell 0.2 percent compared to the previous trading day. Small-cap shares were unchanged and mid-cap shares were steady, down 0.1 percent.

Top cap Samsung Electronics fell 0.3 percent to end at 2,345,000 won, and SK Hynix, a global chipmaker, edged up 0.9 percent to 67,000 won. Naver gained 0.9 percent to 784,000 won. Automaker Hyundai Motor rose 0.35 percent to 144,500 won, and its smaller affiliate Kia Motors gained 0.28 percent to 35,350 won.

On the flip side, Shinhan Financial Group slid 1.33 percent to 51,900 won. Samsung Life Insurance was down 1.65 percent as well, closing at 119,500 won. SK Telecom slipped 1.52 percent to 260,000 won.

The secondary Kosdaq added 1.47 points, or 0.23 percent from the previous session to 643.58. Foreigners and institutional investors contributed to the uplift by purchasing shares mainly in the IT and semiconductor sectors.

Celltrion slid 0.64 percent to 109,500 won alongside affiliate Celltrion Healthcare, which lost 1.32 percent to 48,750 won. Medytox retreated 2.03 percent to 11,300 won whereas CJ E&M advanced 3.47 percent to 71,600 won.

The local currency closed at 1,141.3 won against the U.S. dollar, weakening 0.4 percent from the previous session’s close.


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