![An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=640&simg=/content/image/2024/07/17/20240717050724_0.jpg)
Seoul shares finished lower Wednesday as foreign investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The local currency rose against the US dollar.
The benchmark Korea Composite Stock Price Index shed 22.80 points, or 0.8 percent, to close at 2,843.29.
Trade volume was slightly heavy at 534.4 million shares worth 13.6 trillion won ($9.85 billion), with losers outnumbering winners 460 to 409.
Foreign investors dumped local shares worth 261.4 billion won, offsetting retail investors and institutions' combined net buying of 248.9 billion won.
Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 percent and 0.6 percent, respectively.
The Kospi's decline came after gains in the past two sessions.
Kang Jae-jyun, an analyst at SK Securities, said the main index will likely face headwinds on the way up to the 2,950 mark.
"Expectations for a rate cut by the Fed in September and possibly an additional cut within the year have already been reflected in the market," Kang said.
The Seoul stock market lost ground overall, led by tech and automotive losses.
Market behemoth Samsung Electronics shed 1.14 percent to end at 86,700 won, and leading automaker Hyundai Motor fell 2.19 percent to 268,500 won.
Battery shares also lost ground, with LG Energy Solution down 2.89 percent to 336,500 won and Samsung SDI losing 1.11 percent to end at 356,000 won.
Top refiner SK Innovation, however, jumped 5.65 percent to 119,700 won ahead of board meeting decisions to determine the company's merger with group affiliate SK E&S to create a mega-sized energy company.
Shipbuilders also enjoyed brisk trading, with Samsung Heavy Industries surging 6.32 percent to 10,930 won and HD Hyundai Heavy Industries climbing 2.21 percent to 171,200 won.
The local currency had been trading at 1,381.5 won against the greenback as of 3:30 p.m., up 3.4 won from the previous session. (Yonhap)