Kospi takes a breather after 3-day record run

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Kospi takes a breather after 3-day record run

Korea’s benchmark Kospi stock market index ended a three-day streak of record closes, prompted by China’s main stock index plunging in the afternoon, analysts said.
The Kospi slid 15.43 points, or 1.1 percent, before closing at 1,454.60.
“The main index’s three-day bull run weighed down a further rise, with foreign investors and institutions pulling their money out to take profit,” said Park Seok-hyun, an analyst at Kyobo Securities.
Tech exporters ended lower, erasing earlier gains and leading blue chip losses.
Market leader Samsung Electronics shed 0.3 percent, closing at 581,000 won ($619), while smaller chip rival Hynix Semiconductor slid 2.0 percent.
Phone manufacturer Pantech and its affiliate, Pantech and Curitel, both plummeted by the daily limit for the second straight session.
Finance shares underwent a correction from recent steep gains.
The top lender in Korea, Kookmin Bank, fell 2.6 percent while Woori Financial Group shed 2.5 percent.
Shinhan Finance Holdings lost 3.1 percent and Hana Financial Group sank 5.2 percent.
Major securities shares also played a part in dragging down the index.
Leading brokerage firm Samsung Securities dropped 2.9 percent, Daewoo Securities fell 4.3 percent, Daeshin Securities declined 3.1 percent, and Hyundai Securities crashed 6.0 percent.
Decliners flogged advancers 521 to 246.
Trade volume was 252.5 million shares worth 3.1 trillion won.
The junior Kosdaq fell for the first time after eight days of gains, ending at 611.52, lower by 1.5 points, or 0.2 percent.
Trade volume was 679 million shares worth 1.87 trillion won. Losers topped winners, 572 to 341.

By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
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