South Korean stocks closed 0.3 percent lower on Thursday after foreign investors sold large cap shares, analysts said. The local currency rose to a four-month high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index fell 6.29 points to close at 1,995.85. Trade volume was moderate at 322.88 million shares worth 4.84 trillion won ($4.23 billion), with losers outnumbering gainers 411 to 402.
Samsung share prices are shown on an electronic board in front of the company’s headquarters in Southern Seoul. (Yonhap)
The market started higher, but soon turned south as foreign investors expanded their sell-off. Foreigners’ net selling came to about 210 billion won.
Auto issues ended lower. Top carmaker Hyundai Motor dropped 1.93 percent to 152,500 won, while its smaller affiliate Kia Motors shed 1.93 percent to 48,300 won.
Samsung affiliates gained ground. Samsung SDS, a key IT unit of the Samsung Group, fell 1.96 percent to 175,000 won, and chemical producer LG Chem ended 1.06 percent lower to 327,500 won.
Tech giant Samsung Electronics rose 0.31 percent to 1,312,000 won, with major insurer Samsung Life Insurance jumping 2.17 percent to 117,500 won.
The local currency closed at 1,143.5 won against the U.S. greenback, up 7.3 won from Wednesday’s close. This marked the highest level since the currency closed at 1,147.3 won on Nov. 26 last year.
(khnews@heraldcorp.com)