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  • Seoul shares slip from year’s highs on profit-taking
    Seoul shares slip from year’s highs on profit-taking
    South Korean stocks shed 0.23 percent paring earlier gains, as investors sought to lock in recent gains, analysts said. The Korean won rose sharply against the US dollar.The benchmark KOSPI fell 4.65 points to close at 2,061.88. Trade volume was moderate at 678 million shares worth 4.98 trillion won (US$4.57 billion), with losers outnumbering gainers 494 to 304.The local stock market opened higher as weaker than exp...
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Seoul shares slip from year’s highs on profit-taking

Sept. 7, 2016 - 17:08 By 정민경
[THE INVESTOR] South Korean stocks shed 0.23 percent paring earlier gains, as investors sought to lock in recent gains, analysts said. The Korean won rose sharply against the US dollar.

The benchmark KOSPI fell 4.65 points to close at 2,061.88. Trade volume was moderate at 678 million shares worth 4.98 trillion won (US$4.57 billion), with losers outnumbering gainers 494 to 304.

The local stock market opened higher as weaker than expected economic data reduced the chance of the US Federal Reserve beginning its rate hike as soon as this month, but caved in to profit-taking by retail and institutional investors in the afternoon session.

The Non-Manufacturing Index, a measurement of the US service sector, registered 51.4 in August, 4.1 percentage points lower than the July reading and falling short of market consensus of 55.0.

The relatively dull data sent the US stocks higher on Sept. 6 with the tech-laden NASDAQ Composite Index hitting a record high, as investors bet that the Fed will hold off its next rate hike, probably to December, rather than raising the rates this month. The Federal Open Market Committee is set to meet on Sept. 20-21.

Samsung Electronics declined 1.34 percent to end at 1,625,000 won, and Korea Electric Power Corp. gained 1.92 percent to end at 58,500 won.

Naver, the top internet portal operator, jumped 3.44 percent to 872,000 won, and SK hynix, a major chipmaker, fell 0.26 percent to 37,900 won.

Hyundai Motor, the country‘s top automaker, slid 0.36 percent to 139,000 won.

AmorePacific, the No. 1 cosmetics maker, fell 1.76 percent to 391,000 won.

POSCO, the country’s No.1 steelmaker, advanced 0.63 percent to end at 238,500 won.

Hanjin Shipping, the No. 1 container shipper, sank 2.16 percent to end at 1,360 won, after rising by the daily permissible limit of 30 percent the previous day.

The local currency closed at 1,090.00 won against the US dollar, up 15.2 won from the previous session’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys shed 2.2 basis points to 1.278 percent and the return on the benchmark five-year government bond fell 3.5 basis points at 1.310 percent.

(theinvestor@heraldcorp.com)
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