Seoul shares snap 3-day buying spree on profit taking
Seoul shares finished lower Friday as investors sought to take profit following gains in the past three sessions. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index dropped 14.83 points, or 0.58 percent, to close at 2,521.92.
Trade volume was moderate at 411.62 million shares worth 10 trillion won ($6.98 billion), with losers outnumbering winners 597 to 290.
Foreigners and institutions combined sold a net 448.97 billion won, while retail investors bought a net 330.66 billion won worth of shares.
The Kospi plunged 2.52 percent Monday due to concerns over US import tariffs but rebounded for three consecutive trading days, rising by more than 1 percent each session.
Overnight, Wall Street shares finished mixed amid a lack of market leads. The Dow Jones Industrial Average fell 0.28 percent, while the Nasdaq composite and the S&P 500 climbed 0.51 percent and 0.36 percent, respectively.
"With a wait-and-see stance emerging in the domestic stock market, the recent rally has apparently led to some profit taking," Lee Sung-hoon, an analyst at Kiwoom Securities, said.
In Seoul, blue chips dropped across the board, with market bellwether Samsung Electronics slipping 0.56 percent to 53,700 won and its local chipmaking rival SK hynix shedding 0.25 percent to 203,000 won.
Battery and automotive shares also retreated. Top battery producer LG Energy Solution fell 1.75 percent to 336,000 won, and leading automaker Hyundai Motor slumped 1.47 percent to 200,500 won.
State-run Korea Gas plummeted 13.82 percent to 30,550 won, following the government's announcement of failure to confirm the economic viability of one of the potential oil and gas reserves in the East Sea.
Among winners, Hyundai Rotem surged 11.33 percent to 79,600 won, amid a report from a local securities firm forecasting improved earnings for the defense equipment manufacturer this year.
The local currency was trading at 1,447.80 won against the US dollar at 3:30 p.m., down 0.10 won from the previous session. (Yonhap)
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