Shares fall as the China trade deal reevaluated

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Shares fall as the China trade deal reevaluated

Stocks took a breather on Wednesday, snapping a four-day winning streak as investors cashed in recent gains amid lingering concerns over a U.S.-China trade deal. The won lost ground against the dollar.

The Kospi lost 7.9 points, or 0.35 percent, to close at 2,230.98. Trade volume was moderate at 734 million shares worth 5.8 trillion won ($5 billion), with gainers far outnumbering losers 513 to 279.


Foreigners offloaded a net 86 billion won to end their eight-day buying binge. Institutions sold a net 244 billion won, while individuals scooped up a net 313 billion won.

The index opened lower as investors parsed reports that U.S. tariffs on Chinese goods will remain in place even after a preliminary trade deal scheduled to be signed later in the day.

The Kospi hit an almost nine-month high on Tuesday, driven by a continued rally in chipmakers and other market heavyweights ahead of the signing of the interim U.S.-China trade deal.

In Seoul, large-cap shares were mixed.

Chipmakers took a breather after a week-long rally as investors sought to profit from recent gains. Samsung Electronics lost 1.67 percent to end at 59,000 won, and SK Hynix shed 2.29 percent to close at 98,200 won.

Bio shares traded in negative territory, with pharmaceutical firm Samsung BioLogics decreasing 0.11 percent to 434,500 won.

Celltrion lost 0.84 percent, hitting 176,500 won.

In contrast, game publisher NCSoft added 1.48 percent to close at a 52-week high of 619,000 won, on the back of the continued popularity of its mobile games.

Shares of Kakao, the operator of Korea’s largest messaging app, KakaoTalk, traded 1.8 percent higher to end at a yearly high of 170,000 won on the back of a rosy quarterly earnings outlook.

Auto shares were mixed. Hyundai Motor moved down 0.86 percent to 115,000 won, while Kia Motors was 0.12 percent higher at 41,200 won. Auto parts maker Hyundai Mobis was up 0.41 percent at 245,000 won.

The local currency closed at 1,157.00 won to the dollar, up 1.6 won from the previous session’s close.

The secondary Kosdaq was up 0.45 points, or 0.07 percent, to close at 679.16.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year bonds added 0.7 basis points to stand at 1.391 percent, while the return on the benchmark 10-year government bond shed 3.5 basis points to reach 1.81 percent.

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