Kospi takes a hit as investors look for profits
The benchmark Kospi fell 1.87 points, or 0.09 percent, to close at 2,177.62. Trade volume was moderate at 314 million shares worth 3.8 trillion won ($3.4 billion), with the number of losers outnumbering gainers 450 to 358.
Foreigners and institutions offloaded a net 12.6 billion won worth and 15.8 billion won worth of local stocks, respectively. Individuals were net buyers by snatching up 38.3 billion won worth of shares.
After opening on the plus side, the main index fluctuated between negative and positive terrain before taking a downward direction.
“The Kospi lost ground as investors locked in profits following three straight days of gains,” said Lee Young-gon, a researcher from Hana Financial Investment Co., adding that there are still uncertainties such as a Federal Open Market Committee meeting and a slowdown in the economy.
Large caps on the Kospi had mixed fortunes.
Tech shares ended higher, with Samsung Electronics ending at 43,900 won, up 0.46 percent from the previous session’s close. SK Hynix added 0.29 percent to reach 68,000 won.
Mobile carriers moved up, with SK Telecom increasing 0.4 percent to 253,000 won and second-largest carrier KT inching up 0.18 percent to 28,250 won. LG U+, the smallest of the nation’s carriers, was up 0.66 percent to 15,200 won.
Bio stocks also closed in positive terrain, with Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, gaining 3.09 percent to end at 350,000 won. Celltrion was up 1 percent to 203,000 won.
Auto stocks, meanwhile, closed unchanged. Leading automaker Hyundai Motor was unchanged at 124,000 won, and its sister company Kia Motors was flat at 34,700 won. Auto parts maker Hyundai Mobis remained steady at 213,000 won.
The Kosdaq decreased 4.22 points, or 0.56 percent, to end the session at 748.91. Foreigners and institutions offloaded local stocks after seeing a 0.2 percent decrease in Nasdaq’s biotech stocks from the previous session.
The Korean won closed at 1,130.6 won against the dollar, down 1.5 won from the previous session’s close.
Bond prices, which move inversely to yields, ended higher. The yield on three-year bonds lost 0.2 basis points to reach 1.810 percent, and the return on 10-year bonds lost 1.5 basis points to finish 1.979 percent.
BY KO JUN-TAE, YONHAP [ko.juntae@joongang.co.kr]
with the Korea JoongAng Daily
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