BUSINESS

Seoul stocks retreat from record high

By Yonhap
  • Published : Oct 13, 2017 - 16:33
  • Updated : Oct 13, 2017 - 16:33

South Korean stocks fell slightly Friday, pulling back from a record high, led by a sell-off by foreign and local retail investors. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.14 points, or 0.05 percent, to close at 2,473.62. Trade volume was moderate at 233 million shares worth 6.7 trillion won ($5.93 billion). 
 

(Yonhap)

The KOSPI opened higher, despite a weak lead on Wall Street overnight. 

Analysts said the local stock market took a break from all-time record highs earlier this week as investors opted to cash in part of the recent gains.

Hong Choon-wook, an analyst at Kiwoom Securities, said investors' profit-taking appetite increased as the market rallied over the past three days.

Foreign and local retail investors sold a net 35.7 billion won and 115.3 billion won worth of local stocks each.

Samsung Electronics fell 1.46 percent to end at 2,700,000 won, and SK hynix, a global chipmaker, declined 2.71 percent to 86,100 won.

POSCO, the nation's top steelmaker, advanced 3.38 percent to 325,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 1.28 percent to 154,500 won, and its smaller affiliate Kia Motors dipping 0.62 percent to 32,100 won.

The local currency closed at 1,128.90 won against the US dollar, up 4.3 won from the previous session's close. (Yonhap)