Seoul shares end lower on profit-takingBy Yonhap
Published : July 4, 2023 - 16:11
South Korean stocks closed lower Tuesday as investors sought to cash in recent gains. The local currency rose against the US dollar.
After choppy trading, the benchmark Korea Composite Stock Price Index sank 9.16 points, or 0.35 percent, to close at 2,593.31. Trading volume was moderate at 662.9 million shares worth 9.02 trillion won ($6.93 billion), with decliners outnumbering gainers 586 to 292.
Foreigners and institutions sold off a net 345.4 billion won worth of stocks, while retail investors bought 304.5 billion won.
On Monday, the Kospi rallied almost 1.5 percent, boosted by strong tech companies that tracked US peers and signs of inflation cooling in the US economy.
"The Kospi moved to digest the steep rise the previous day without particular market momentum," a Daishin Securities Co. analyst said.
Battery shares retreated, with industry leader LG Energy Solution losing 0.7 percent and its smaller rival Samsung SDI going down 0.84 percent. Leading chemical producer LG Chem slid more than 1.5 percent.
IT stocks lost ground. Internet portal operator Naver fell 0.32 percent, and Kakao, the operator of the popular mobile messenger KakaoTalk, plunged more than 2 percent.
The financial sector also closed in the red.
KB Financial Group, Shinhan Financial Group and Hana Financial Group declined 0.51 percent, 1.16 percent and 1.62 percent, respectively.
Market behemoth Samsung Electronics remained flat at 73,000 won, while No. 2 chipmaker SK hynix inched up 0.26 percent.
Auto stocks were mixed, with top automaker Hyundai Motor down 0.24 percent and its affiliate Kia rising 0.45 percent.
HD Hyundai Heavy Industries shot up more than 3.3 percent after it won billions of dollars worth of orders to build a floating production unit and other vessels.
Entertainment stocks also gained ground on expectations of an earnings surprise for the second quarter. Hybe, the entertainment agency behind BTS, jumped more than 2.3 percent.
The local currency ended at 1,301.4 won against the greenback, up 9.7 won from Monday's close. (Yonhap)
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