Seoul stocks drop for second consecutive day
The benchmark Kospi fell 9.85 points, or 0.40 percent, to close at 2,473.06 on Thursday.
The local stock market opened higher on overnight gains on Wall Street, but went south on profit-taking.
“Concerns over Fed rate hikes have eased to some degree, but investors are now attempting to lock in recent gains,” said Seo Sang-young, an analyst at Kiwoom Securities.
Foreign investors offloaded 18.5 billion won ($16.33 million) in Korean stocks. Institutional investors and retail investors also each net sold 33.0 billion won and 7.4 billion won.
Electrical and electronics shares fell 2.5 percent on Thursday across the board. Communication retreated 1 percent and pharmaceutical shares inched down 0.6 percent.
Market heavyweight Samsung Electronics tumbled 3.25 percent on Thursday to close at 2,649,000 won.
Second-largest chipmaker SK Hynix fell 2.35 percent to 79,000 won. Naver, Korea’s portal giant, nudged down 0.49 percent to 811,000 won.
Shares of major game publishers also fell on Thursday.
Netmarble Games, the top mobile game producer, shed 1.98 percent to 173,000 won. NCSOFT, the leading online game publisher, plummeted 6.50 percent to 424,500 won.
Automotive companies showed upward movement on Thursday.
Korea’s leading automaker Hyundai Motor inched up 0.66 percent to 151,500 won Thursday. Its sister company Kia Motors nudged up 0.91 percent to 33,250 won. Affiliate and parts supplier Hyundai Mobis advanced 3.75 percent to 249,000 won.
Major banking shares were also in positive terrain.
Shinhan Financial Group gained 2.01 percent on Thursday to 50,800 won. KB Financial Group pushed up 0.53 percent to 57,300 won. Hana Financial Group rose 1.39 percent to 47,400 won.
The secondary Kosdaq fell on Thursday as well, down 1.32 points, or 0.20 percent, to 667.10. Top market cap Celltrion sank 8.80 percent to 175,200 won.
The local currency closed at 1,132.40 won against the U.S. dollar, down 2.5 won from the previous session’s close.
The yield on three-year bonds rose seven basis points to 2.01 percent and the return on 10-year government bonds gained four basis points to 2.43 percent.
BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]
with the Korea JoongAng Daily
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