Kospi is in retreat for third straight day

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Kospi is in retreat for third straight day

The Kospi index fell for the third day even as overseas investors bought more local equities than they sold yesterday.

Market analysts attributed the drop to institutional investors’ substantial offloading of shares.

Foreign investors purchased 107.1 billion won ($129 million) and retail investors bought 193.5 billion won worth of stocks. Institutional investors got rid of 301.1 billion won in shares, offloading stocks for the third consecutive trading day.

The benchmark Kospi declined 0.24 percent, or 4.75 points, and finished at 1,992.27. The total trading volume was about 1.91 billion shares.

Samsung Electronics stayed flat, while LG Electronics dropped 0.29 percent to 69,300 won. SK Hynix rose 1.36 percent to 37,400 won.

Hyundai Motor Company slid 1.45 percent to 238,000 won, and Kia Motors went down 0.83 percent to 59,500 won. Hyundai Mobis remained flat.

Posco increased 0.96 percent to 317,000 won, while Hyundai Steel dropped 0.98 percent to 70,800 won. Hyundai Heavy Industries was down 2.34 percent to 208,500 won, and Samsung Heavy Industries fell 3.26 percent to 31,150 won.

Naver decreased 1.21 percent to close at 734,000 won, but Daum climbed 0.27 percent to 74,200 won.

KT gained 0.62 percent to 32,350 won, and SK Telecom earned 0.49 percent to 207,000 won. LG U+ stayed flat.

Meanwhile, the won fell for a second day on speculation that local companies paying dividends to overseas investors are boosting demand for the dollar.

The won declined 0.2 percent to 1,040.71 per dollar at the close in Seoul yesterday. It has fallen 0.5 percent this week after touching 1,031.55 on April 10, the strongest level since August 2008.

One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, declined 14 basis points, or 0.14 percentage point, to 7.18 percent.

The yield on the 3.125 percent government bonds due March 2019 increased one basis point, or 0.01 percentage point, to 3.17 percent.

That’s the highest level since April 4.

BY KIM HAE-YOON, BLOOMBERG [haeyoonk1311@joongang.co.kr]


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