Seoul shares close lower on foreign selling
[THE INVESTOR] Korea’s stock market closed lower as foreigners dumped local shares for the second consecutive session, analysts said. The Korean won fell against the US dollar.
The benchmark KOSPI edged down 17.57 points, or 0.71 percent, to 2,458.54. Trade volume was high at 702 million shares worth 9.28 trillion won (US$8.64 billion), with losers outpacing gainers 504 to 333.
Seoul shares mainly lost ground as foreigners and institutions offloaded local shares, although the market initially opened higher on the rising hope over the settlement of trade dispute between Washington and Beijing.
Foreigners sold a net 239 billion won, with institutions also offloading a net 187 billion won. Retail investors were net buyers at 386 billion won.
Tech shares closed bearish, with Samsung Electronics falling 1.8 percent to 49,200 won. LG Electronics moved down 0.92 percent to 96,600 won, and No. 2 chipmaker SK hynix shed 0.94 percent to 84,600 won.
Chemical shares also traded lower, with LG Chem falling 1.69 percent to 348,500 won and LG Household & Health Care losing 1.01 percent to 1,277,000 won. Amorepacific slipped 1.52 percent.
Brokerage houses closed down, with Mirae Asset Daewoo falling 1.96 percent to 10,000 won and Samsung Securities losing 1.31 percent to 37,550 won.
Top steelmaker POSCO shed 0.13 percent to 370,500 won, and Hyundai Steel lost 2.62 percent to 66,900 won. Korea Zinc surrendered 1.32 percent to 449,000 won.
Pharmaceutical shares traded higher, with Celltrion advancing 5.1 percent to 268,000 won and Samsung BioLogics moving up 5.43 percent to 388,500 won. Hanmi Pharm added 3.04 percent to 474,000 won.
The local currency closed at 1,073.80 won against the US dollar, down 5.80 won from the previous session.
By Song Seung-hyun and newswires (email@example.com)