Seoul shares snap 3-day rise on profit hunting
South Korean stocks fell slightly to end a three-session winning streak Friday as investors hunted for profits by dumping battery and bank shares despite eased tariff woes on a US-Britain trade deal. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index lost 2.21 points, or 0.09 percent, to close at 2,577.27.
The index had risen for three consecutive sessions since Friday. The local financial market was closed Monday and Tuesday for the Children's Day and Buddha's Birthday holidays.
Trade volume was moderate at 478.2 million shares worth 7.73 trillion won ($5.52 billion), with losers beating winners 535 to 353.
Institutions sold a net 187 billion won to lead the daily drop, while foreigners and individuals bought a net 67.3 billion won and 63.1 billion won, respectively.
Overnight, US stocks ended higher as a trade agreement between Washington and London boosted hopes for other countries' tariff negotiations.
In Seoul, however, battery and bank shares were the lead decliners.
Leading battery maker LG Energy Solution fell 2.9 percent to 318,000 won, and Posco Future M sank 4.74 percent to 120,500 won.
Major lender KB Financial Group lost 2.65 percent to 92,000 won, and Shinhan Financial Group shed 0.39 percent to 50,700 won.
Major shipbuilder Hanwha Ocean declined 0.62 percent to 79,800 won, and flagship air carrier Korean Air retreated 2.22 percent to 22,050 won.
However, tech giant Samsung Electronics rose 0.37 percent to 54,800 won, and top carmaker Hyundai Motor increased 1.5 percent to 189,900 won.
Naver, the No. 1 online portal operator, added 1.22 percent to 191,000 won, and defense firm Korea Aerospace Industries jumped 5.44 percent to 93,100 won.
The local currency was trading at 1,400 won against the dollar at 3:30 p.m., down 3.4 won from the previous session. (Yonhap)
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