Korean stocks closed down 0.12 percent on Wednesday, driven mostly by massive sell-offs by institutions, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.4 points to end at 1,980.10. Trade volume totaled 393.5 million shares worth 4.36 trillion won ($3.7 billion), with gainers outpacing decliners 443 to 350.
"Throughout the session, institutions weighed on the market by selling on a relatively massive scale, but the downward move was restricted by foreigners who turned net buyers later in the day," Mirae Asset Daewoo analyst Kim Hyung-rae said.
Institutions sold around a net 241 billion won worth of local shares, while foreigners picked up shares estimated at 70.3 billion won in net value. Retailers also bought a net 130.8 billion won worth of shares.
Major issues ended mixed.
Market behemoth Samsung Electronics fell 0.31 percent to 1,292,000 won, and leading cosmetics maker AmorePacific shed 2.21 percent to 420,500 won. Top Internet portal operator Naver retreated 1.98 percent to 693,000 won.
Tobacco-making giant KT&G continued to lose ground following the government-led toughened antismoking measures unveiled the previous day. It dropped 1.94 percent to 126,500 won.
Among marked gainers were chemical and refinery issues. LG Chem jumped 2.13 percent to 288,000 won, and SK Innovation gained 2.97 percent to 156,000 won.
On its market debut, Haitai Confectionery & Foods, the country's third-biggest confectionery, surged by the daily limit of 29.82 to close at 24,600 won.
Korea's won ended at 1,167.6 won against the greenback, up 5 won from the previous session. (Yonhap)
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