Published : Oct. 21, 2016 - 11:45
[THE INVESTOR] South Korean shares dropped slightly late morning on Oct. 21 amid foreign investors’ decision to tuck in recent gains.
The benchmark KOSPI edged down 6.73 points, or 0.33 percent, to 2,033.87 as of 11:20 a.m.
Foreigners were net-sellers following a buying spree for the sixth consecutive session, while institutional traders were net-buyers.
Market sentiment was hit by the outcome of the European Central Bank’s monetary policy meeting.
Naver headquarters. Naver shares declined on the news of its leadership change.
It left the key rate on hold, stopping short of offering a clue to its policy direction.
Top cap Samsung Electronics was off 1.67 percent, while the state-run Korea Electric Power Corp. climbed 0.58 percent. Leading automaker Hyundai Motor and its smaller affiliate Kia Motors advanced 1.14 percent and 0.61 percent, respectively.
Steelmaking giant POSCO gained 0.84 percent. Naver, the No. 1 internet service provider, declined 1.3 percent on the news of its leadership change.
The local currency was trading at 1,134.85 won against the US greenback, down 7.35 won from the previous session’s close.
(theinvestor@heraldcorp.com)