Seoul shares end 3-day winning streak on profit-taking

Seoul shares closed lower to snap their three-day rise Monday as investors moved to lock in profits. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.47 points, or 0.16 percent, to 2,857.76.

Trade volume was moderate at 420.2 million shares worth 9.8 trillion won (US$7.1 billion), with gainers outnumbering losers 518 to 344.

The KOSPI declined as retail investors and institutions sold shares worth 184.2 billion won and 347.6 billion won, respectively, to realize gains after the index hit the highest closing price since Jan. 18, 2022, the previous session.

Foreigners bought a combined 527.1 billion won worth of local shares.

“Foreign investors’ risk appetite increased as Wall Street closed higher on Friday as data showed U.S. hiring moderated in June, bolstering expectations the Fed’s policy pivot would start in September,” Lee Kyoung-min, an analyst at Daishin Securities, said.

“But the KOSPI turned weak on profit-taking following a rally l
ast week.”

Tech behemoth Samsung Electronics rose 0.34 percent to 87,400 won, while No. 2 chipmaker SK hynix lost 1.06 percent to 233,500 won.

Top automaker Hyundai Motor gained 0.71 percent to 283,000 won, while its smaller affiliate Kia dropped 1.66 percent and its auto parts-making affiliate Hyundai Mobis shed 1.86 percent to 124,200 won and 237,500 won, respectively.

Leading battery maker LG Energy Solution added 0.28 percent to 358,500 won, despite disappointing earnings guidance for the second quarter.

Financial shares were weak, with KB Financial Group down 1.47 percent to 86,900 won, Shinhan Financial Group down 2.8 percent to 52,000 won, and Hana Financial Group down 3.17 percent to 64,100 won.

Samsung C and T, a trading firm, plunged 4.08 percent to 148,000 won, and Samsung Life Insurance shot down 5.02 percent to 89,000 won.

Major shipping firm HMM plummeted 5.32 percent to 18,340 won, and Samsung Electro-Mechanics sank 4.22 percent to 163,300 won.

But power plant company Doosan Enerbility s
oared 7.47 percent to 21,000 won, and defense giant Hanwha Aerospace surged 4.14 percent to 251,500 won.

The local currency ended at 1,383.60 won against the greenback, down 3.3 won from the previous session’s close.

Source: Yonhap News Agency