Seoul shares finished 0.24 percent lower on Tuesday as institutional investors locked in profits amid the absence of fresh upward momentum, analysts said. The local currency fell against the U.S. dollar.

After briefly trading in positive territory, the benchmark KOSPI lost 4.85 points to 2,042.15. Trading volume was moderate at 533 million shares worth 5.33 trillion won ($4.75 billion) with losers leading gainers 521 to 302.

“The market lacked new upward momentum ahead of the first-quarter earnings season,” said Kim Hyoung-ryoul, an analyst at Kyobo Securities Co. “Institutional investors took profits from the latest gains.”

After touching a near six-month closing high on Monday, the KOSPI extended gains in the morning session as investors cheered overnight gains on the Wall Street.

But the key index made a retreat as institutional investors sold a net 24.4 billion won worth of holdings.

Shares of banks and brokerages were the biggest drag on the main bourse. Woori Finance Holdings, the biggest banking group by assets, sank 2.2 percent to 13,350 won and Mirae Asset Securities fell 2.91 percent to 41,700 won.

Tech exporters were mixed. Market bellwether Samsung Electronics climbed 0.56 percent to 1,267,000 won but its smaller rival LG Electronics fell 0.44 percent to 90,000 won.

Oil refiners, however, gained ground on views that their share prices had hit bottom. Leading refiner SK Innovation added 3.24 percent to 175,000 won and its rival S-Oil advanced 2.95 percent to 122,000 won.

The local currency finished at 1,124.9 won to the greenback, down 2.6 won from Monday’s close, on reduced overseas demand for local equities, dealers said. 

(Yonhap News)