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Korean stocks down 0.1% on profit-taking

By KH디지털2
Published : Feb. 23, 2016 - 16:40

Korean shares erased earlier gains to close 0.11 percent lower on Tuesday as investors continued to opt for a profit-taking mode. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.14 points to finish at 1,914.22. Trading volume was slim at 324 million shares, worth 3.95 trillion won ($3.21 billion) with losers outnumbering gainers 437 to 362.



The local bourse started a tad higher following overnight gains on Wall Street and rebounding oil prices.

But investors continued to cling to a profit-taking stance following last week's 4.4-percent spike.

Analysts said investors remained cautious ahead of the meeting of Group of 20 finance ministers and central bankers slated for Friday in China.

"Investors are still tempted to lock in part of gains following a sharp surge due largely to rebounding oil prices and a strong dollar," Ryu Yong-seok, an analyst at Hyundai Securities, said.

Tech stocks and refiners finished in positive terrain, while other market heavyweights traded mixed.

Market behemoth Samsung Electronics added 0.51 percent to end at 1,181,000 won, and global chipmaker SK hynix was up 1.67 percent to end at 30,400 won.

Fueled by a rebound in global oil prices, local refiners also finished higher with industry leader SK Innovation rising 3.85 percent to end at 148,500 won and No. 3 S-Oil advancing 2.53 percent to close at 81,200 won.

Top steelmaker POSCO ended at 200,500 won, up 1.11 percent, and Naver, the operator of the country's top Internet portal, advanced 3.36 percent to end at 584,000 won.

Doosan Infracore added 2.48 percent to end at 4,125 won on news that its unit, Doosan Bobcat, will list on the local bourse after March, raising hopes that its financial status will improve.

Top automaker Hyundai Motor gained 1.02 percent to 149,000 won, and its sister company Kia Motors retreated 0.21 percent to 48,000 won. 

The local currency closed at 1,231.1 won against the greenback, up 3.3 won from Monday's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys added 0.1 basis point to 1.481 percent and the return on the benchmark five-year government bonds shed 0.1 basis point to 1.595 percent. (Yonhap)


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