Stocks fall for a third day as rate concerns return

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Stocks fall for a third day as rate concerns return

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,260.42 points on Monday, down 9.94 points, or 0.3 percent, from the previous trading day. [YONHAP]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 3,260.42 points on Monday, down 9.94 points, or 0.3 percent, from the previous trading day. [YONHAP]

 
Stocks retreated for the third straight session Monday after choppy trading, as an estimate-beating improvement in U.S. jobs data increased concerns about an early tapering. The won fell against the dollar.
 
The benchmark Kospi fell 9.94 points, or 0.3 percent, to close at 3,260.42 points.
 
Trading volume was moderate at about 685 million shares worth some 15.5 trillion won ($13.5 billion), with losers outnumbering gainers 647 to 208.
 
Foreigners sold a net 208 billion won, while retail investors bought a net 950 billion won. Institutions offloaded a net 747 billion won.
 
The Kospi got off to a weak start as U.S. jobs data in July logged a steeper hike than the market consensus, fueling investor worries that the U.S. Fed may pivot from its dovish stance and consider accelerating its timeline for a rollback of its accommodative policies.
 
The key stock index rebounded in the late morning, largely as financial market leader KakaoBank skyrocketed 27.65 percent to an intraday high. 
 
The Kospi retreated toward the session's close as Kakao Bank trimmed its gains.
 
"After the U.S. jobs data turned out strong, investors are paying keen attention to the July [inflation] indicators and the Jackson Hole meeting," Shinhan Investment analyst Choi Yoo-joon said.
 
"Kakao Bank surged on the Kospi, but other [large] stocks' losses eventually offset its gains," he added.
 
Most large caps closed mixed, while bank and financial shares advanced.
 
Samsung Electronics closed unchanged at 81,500 won, while chipmaker SK hynix moved down 1.69 percent to 116,000 won.
 
Internet portal operator Naver advanced 0.67 percent to 447,500 won, with its rival Kakao gaining 1.72 percent to 148,000 won.
 
Pharmaceutical firm Samsung Biologics lost 1.09 percent to 909,000 won, and automaker Hyundai Motor declined 0.67 percent to 221,000 won.
 
The Kosdaq gained 0.2 points, or 0.02 percent, to close at 1,060.00. 
 
The local currency closed at 1,144.3 won against the dollar, up 2.2 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 0.3 basis point to 1.436 percent, and the yield on the benchmark 10-year government bond gained 1.3 basis points to 1.3 percent.
 

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]
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