South Korean stocks crept down 0.37 percent Friday, snapping their seven-session winning streak, as investors sought to lock in profits from recent rallies, analysts said. The South Korean won declined against the U.S. dollar.
The benchmark Korea Composite Stock Price Index lost 7.28 points, or 0.37 percent, to close at 1,985.8. Trading volume was heavy at 407.5 million shares worth 5.51 trillion won ($5.02 billion), with gainers beating decliners 415 to 386.
"The global stock market has been on a roll in recent days as monetary easing in major economies stirred up an appetite for risky assets," said Bae Sung-young, a senior analyst at Hyundai Securities Co. "Investors took a breather after winning a windfall from the recent bullish run."
Foreigners remained net buyers for five straight sessions but the amount more than halved to a net 78.5 billion won from 230.8 billion won the previous day.
"It's like going through a correction after a seven-day bullish run. The market will likely rebound next week as the global financial situation is getting better," said Bae.
Market heavyweights led the decline, with top cap Samsung Electronics sinking 1.31 percent to 1,357,000 won and No. 3 SK hynix dropping 1.06 percent to 46,600 won.
Hyundai Motor, the second-biggest listed firm by market cap, slumped 1.83 percent to 160,500 won and its affiliate, Kia Motors, decreased 1.73 percent to 45,500 won.
Kumho Industrial plunged 13.37 percent to 26,250 won and its key affiliate, Asiana Airlines, tumbled 4.59 percent to 8,740 won as retail giant Shinsegae has reportedly withdrawn its bid for a controlling stake in the builder. Shinsegae dipped 0.29 percent to finish at 172,500 won.
The local currency ended at 1,098.4 won against the greenback, down 1.2 won from Thursday's close.
Bond prices, which move inversely to yields, ended higher. The yield on three-year Treasurys dipped 0.6 basis point to 2.034 percent, and the return on the benchmark five-year government bonds shed 2.2 basis points to 2.103 percent. (Yonhap)
