South Korean Stocks Fall 1.84 Percent, Ending Three-Day Rise
The benchmark KOSPI index dropped 162 points on Thursday as investors took profits after recent gains. The Korean won fell 13.7 won against the U.S. dollar.
financialpost.comSouth Korean stocks fell Thursday, ending a three-session advance and retreating from record levels as investors locked in profits. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 162.08 points, or 1.84 percent, to close at 8,639.41.
Trade volume reached 431.77 million shares worth 46.2 trillion won ($30.2 billion). Institutions and individuals bought a net 1.81 trillion won and 5.01 trillion won, respectively. Foreign investors sold a net 6.95 trillion won, extending their selling streak to 19 consecutive sessions.
The index opened lower, tracking overnight losses on Wall Street amid concerns over rising tensions between the United States and Iran. The local market had been closed Wednesday for elections. Large-cap shares closed lower. Samsung Electronics fell 2.5 percent to 351,500 won.
SK hynix declined 2.63 percent to 2,298,000 won. Hyundai Motor dropped 3.98 percent to 700,000 won. Samsung Electro-Mechanics lost 5.35 percent to 1,716,000 won. Samsung Life Insurance fell 8.75 percent to 438,000 won after the prior session's sharp gain.
The Korean won traded at 1,529.7 won against the U.S. dollar at 3:30 p.m., down 13.7 won from the previous session. Bond prices closed lower. The three-year Treasury yield rose 8.5 basis points to 3.858 percent. The five-year government bond yield increased 10.9 basis points to 4.078 percent.
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