Foreigners selling causes Seoul stocks to drop
The benchmark Kospi fell 0.55 points, or 0.02 percent, to 2,484.97. Trade volume was moderate at 5.73 trillion won ($4.95 billion).
As investors took a wait-and-see attitude ahead of the U.S. Federal Reserve’s possible rate hike this week, the main index inched down without showing any serious volatility.
On Wednesday, the Fed is widely expected to raise interest rates for the first time this year, with all eyes turned to see whether it will keep its current forecast for three rate hikes this year or push for four.
Foreigners and individuals were net sellers, offloading 68.7 billion won and 63.6 billion won each. Institutions purchased 130.7 billion won more than they sold.
Technology stocks led the losses, with market bellwether Samsung Electronics backtracking 0.27 percent to 2,553,000 won and No. 2 chipmaker SK Hynix declining 1.34 percent to 88,400 won. Securities also lost, falling 0.8 percent across sector.
Among gainers, top carmaker Hyundai Motor rose 1.31 percent to 154,500 won. Leading steelmaker Posco climbed 1.47 percent to 345,500 won and No. 2 electronics company LG Electronics gained 2.27 percent to 112,500 won.
The secondary Kosdaq dropped 4.85 points, or 0.54 percent, to 885.55. The tech-heavy market was dragged down by weak Celltrion subsidiary shares and profit taking by foreigners.
Foreigners were net sellers, offloading 53.3 billion won. Institutions and individuals bought more than they sold, purchasing a net 12.4 billion won and 63.2 billion won.
Celltrion Healthcare dropped 3.10 percent to 109,500 won, while Celltrion Pharm fell 1.47 percent to 87,100 won. Other major bio players won, with SillaJen climbing 3.46 percent to 125,700 won and Viromed inching up 0.17 percent to 241,000 won. Nature Cell plunged down 29.98 percent to 30,600 won when the Ministry of Food and Drug Safety cast doubts on claims that it developed the first stem cell-based treatment for dementia adopted by a clinic.
The local currency closed at 1,072.30 won against the U.S. dollar, up 3.70 won from the previous session.
Bond prices, which move inversely to yields, ended mixed. The yield on three-year bonds rose 0.5 basis points to 2.29 percent, and the return on 10-year government bonds fell 0.9 basis points to 2.72 percent.
BY KIM EUN-JIN, YONHAP [kim.eunjin1@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)