Seoul stocks retreat as investors cash in on recent gains

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Seoul stocks retreat as investors cash in on recent gains

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,006.68 points on Monday, down 8.38 points, or 0.28 percent from the previous trading day. [NEWS1]

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,006.68 points on Monday, down 8.38 points, or 0.28 percent from the previous trading day. [NEWS1]

 
Stocks retreated Monday as investors attempted to cash in on gains from a three-day advance at the end of last week. The won fell against the dollar.
 
The benchmark Kospi lost 8.38 points, or 0.28 percent, to close at 3,006.68 points.
 
Trading volume was moderate at about 912 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 429 to 413.
 
Foreigners bought a net 35 billion won, while institutions sold 480 billion won. Retail investors purchased a net 417 billion won.
 
The Kospi got off to a lackluster start amid sell-offs in most sectors.
 
Tech and auto heavyweights pared some of their losses towards the session's end as the profit-taking move dwindled.
 
"The factors that have stoked volatility in the financial markets, such as commodities prices and concerns about the interest rate [hike], seem to be subsiding," Meritz Securities analyst Lee Jin-woo said.
 
"Foreigners' selling spree in chips decreased, and the dollar-won exchange rate seems to be stabilizing," he added.
 
In Seoul, Samsung Electronics edged up 0.14 percent to 70,200 won, while chipmaker SK hynix retreated 1.32 percent to 97,100 won
 
Internet portal operator Naver climbed 0.76 percent to 396,500 won, and Kakao fell 0.41 percent to 121,500 won. Kakao Bank edged down 0.17 percent to 60,000 won. 
 
Carmaker Hyundai Motor gained 0.48 percent to 209,500 won, and its sister company Kia rose 0.48 percent to 84,200 won. 
 
Chemical firm LG Chem moved down 1.08 percent to 827,000 won, and electric car battery maker Samsung SDI shed 0.98 percent to 705,000 won.
 
Pharmaceutical firm Samsung Biologics declined 1.27 percent to 858,000 won, and Celltrion dropped 1.59 percent to 216,500 won.  
 
The Kosdaq rose 3.32 points, or 0.34 percent, to close at 993.86. 
 
The local currency closed at 1,187.6 won against the dollar, up 5.2 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 7.8 basis points to 1.873 percent, and the yield on the benchmark 10-year government bond gained 5.9 basis points to 1.57 percent.

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