Stocks down for second day on profit taking

Home > Business > Finance

print dictionary print

Stocks down for second day on profit taking

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,569.17 points on Thusday, down 0.31 percent, or 7.95 points, from the previous trading day. [YONHAP]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,569.17 points on Thusday, down 0.31 percent, or 7.95 points, from the previous trading day. [YONHAP]

Stocks closed lower for a second consecutive session Thursday after the U.S. market fell the previous day on profit taking. The won rose against the dollar.
 
The Kospi slipped 7.95 points, or 0.31 percent, to 2,569.17. The benchmark index inched up during early minutes of trading, but lost gains before the first hour passed and remained in negative territory throughout the session.
 
Trading volume was moderate at 664.2 million shares worth 9.04 trillion won ($6.83 billion), with decliners slightly outnumbering gainers 436 to 422.
 
"The fact that political uncertainties are going down below the surface is an element that can whet investor appetite for risky assets," Kiwoom Securities analyst Han Ji-young said.
 
"That said, we expect to see for some time the market keeping a wary eye over macro factors, like the Fed's moves and recession concerns," Han said.
 
The U.S. House of Representatives passed a bill late Wednesday to suspend the debt ceiling and the bill is now up for Senate approval before the June 5 deadline.
 
Korea's exports fell for an eighth consecutive month in May to $52.24 billion on falling chip demand, but the pace of the slump eased in a sign that global demand is picking up.
 
Tech and auto shares dragged down the Kospi.
 
Samsung Electronics lost 0.7 percent to 70,900 won, while SK hynix rose 1.57 percent to 110,300 won.
 
Battery maker LG Energy Solution dipped 2.5 percent to 584,000 won.
 
Hyundai Motor retreated 1.25 percent to 197,500 won, and Kia fell 1.98 percent to 84,200 won.
 
Samsung Biologics gained 0.51 percent to 788,000 won, and Celltrion increased 2.39 percent to 175,400 won.
 
Naver jumped 2.26 percent to 204,000 won, and Posco Future M advanced 2.71 percent to 359,500 won.
 
The local currency ended at 1,321.60 won against the dollar, down 5.6 won from Wednesday's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds climbed 1.6 basis points to 3.477 percent, and the yield on the benchmark 10-year government bonds dropped 4.5 basis points to 3.646 percent.
 

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)