Shares finally dip after multi-session winning streak

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Shares finally dip after multi-session winning streak

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,600.02 points on Thursday, down 0.55 percent, or 14.28 points, from the previous trading session.[NEWS1]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,600.02 points on Thursday, down 0.55 percent, or 14.28 points, from the previous trading session.[NEWS1]

 
Shares finished lower Thursday as investors opted to cash in following a five-session winning streak and overnight U.S. losses. The local currency fell in value against the dollar.
 
The benchmark Kospi dropped 14.28 points, or 0.55 percent, to close at 2,600.02.
 
Trade volume was moderate at 569.4 million shares worth 9.31 trillion won ($7.14 billion), with losers outpacing winners 616 to 257.
 
On Wednesday, the Kospi rose 1.78 percent to close at 2,614.30, its highest point since Sept. 15.
 
U.S. stocks fell overnight, with the Dow Jones Industrial Average slipping 1.27 percent and the tech-heavy Nasdaq Composite also tumbling 1.50 percent.
 
Seoul stocks ended in negative terrain despite an announcement earlier in the day on loosening rules on capital gains tax for wealthy shareholders.
 
"The announcement had a limited effect as the decision has already been factored in" on investment decisions regarding Kospi's recent multi-session gains, Lee Kyung-soo, an analyst at Hana Securities, said.
 
Most blue chips ended lower across the board, with automaker Hyundai Motor sliding 0.20 percent to 198,700 won and battery manufacturer LG Energy Solution shedding 2.20 percent to finish at 423,000 won.  
 
Samsung SDI fell 2.38 percent to 451,000 won.  
 
Steelmaker Posco Holdings tumbled 1.92 percent and chemical firm LG Chem dropped 1.79 percent to 495,000 won.
 
Refiners also took a beating, with SK Innovation falling 1.22 percent to 37,900 won.
 
HMM, the country's leading container shipper, plunged 11.63 percent to 19,530 won following its near 20 percent surge in the previous session over the announcement of its planned sale to Harim Group this week.
 
However, Samsung Electronics managed to add 0.27 percent to end at 75,000 won and automaker Kia climbed 0.42 percent to 95,400 won. Auto parts maker Hyundai Mobis also jumped 0.66 percent to 230,500 won.
 
The local currency closed at 1,305.10 won against the dollar, up 6.20 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds stayed flat at 3.237 percent, and the return on the benchmark U.S. 10-year government bonds fell 8.4 points to 3.846 percent.
 

BY KIM JU-YEON, YONHAP [[email protected]]
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