Kospi slips 0.16% as investors lock in profits on last session's gains

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Kospi slips 0.16% as investors lock in profits on last session's gains

Published: 08 Jul. 2024, 17:12

KIM JU-YEON
kim.juyeon2@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,857.76 points on Monday, down 0.16 percent, or 4.47 points, from the previous trading session. [NEWS1]

Shares closed lower to snap their three-day rise on Monday as investors moved to lock in profits. The local currency fell in value against the dollar.

The Kospi fell 4.47 points, or 0.16 percent, to 2,857.76.

Trade volume was moderate at 420.2 million shares worth 9.8 trillion won ($7.1 billion), with gainers outnumbering losers 518 to 344.

The Kospi declined as retail investors and institutions sold shares worth 184.2 billion won and 347.6 billion won, respectively, to realize gains after the index hit the highest closing price since Jan. 18, 2022, the previous session.

Foreigners bought a combined 527.1 billion won worth of local shares.

"Foreign investors' risk appetite increased as Wall Street closed higher on Friday on data showing U.S. hiring moderated in June, bolstering expectations that the Fed's policy pivot would start in September," Lee Kyoung-min, an analyst at Daishin Securities, said.

"But the Kospi turned weak on profit-taking following a rally last week."

Samsung Electronics rose 0.34 percent to 87,400 won, while SK hynix lost 1.06 percent to 233,500 won.

Hyundai Motor gained 0.71 percent to 283,000 won, while Kia dropped 1.66 percent and Hyundai Mobis shed 1.86 percent to 124,200 won and 237,500 won, respectively.

Financial shares were weak, with KB Financial Group down 1.47 percent to 86,900 won, Shinhan Financial Group down 2.8 percent to 52,000 won, and Hana Financial Group down 3.17 percent to 64,100 won.

Samsung C&T plunged 4.08 percent to 148,000 won, and Samsung Life Insurance shot down 5.02 percent to 89,000 won.

HMM plummeted 5.32 percent to 18,340 won, and Samsung Electro-Mechanics sank 4.22 percent to 163,300 won.

But Doosan Enerbility soared 7.47 percent to 21,000 won, and Hanwha Aerospace surged 4.14 percent to 251,500 won.

The local currency ended at 1,383.60 won against the greenback, up 3.3 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 0.8 basis points to 3.119 percent, and the return on the benchmark U.S. 10-year government bonds dropped 7.8 basis points to 4.282 percent.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]