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Seoul shares close nearly flat on profit-taking
By Catherine ChungPublished : July 24, 2017 - 16:04
South Korean stocks closed at a new record high on Monday, although the local stock market finished nearly flat, as investors opted for profit-taking on bullish rallies observed last week, analysts said. The Korean won gained against the US dollar.
The benchmark Korea Composite Stock Price Index edged up 1.47 points, or 0.06 percent, to close at a fresh record high of 2,451.53. Trade volume was low at 230 million shares worth 4.56 trillion won ($4 billion), with losers outnumbering gainers at 477 to 326.
It marked the eighth consecutive session for the benchmark index to renew its fresh highs.
Analysts said investors took a breather following the latest market rally and also took a wait-and-see stance on July's gathering of the US Federal Open Market Committee.
"The burden of the overheated market will be abated through a short-term correction," said Kim Byung-yeon, a researcher at NH Investment & Securities Co.
Foreigners sold a net 166.3 billion won, while institutions bought a net 143.6 billion won. Retail investors bought a net 19.7 billion won.
Market behemoth Samsung Electronics shed 0.43 percent at 2,543,000 won, and LG Display lost 2.78 percent at 33,250 won. No. 2 home appliance maker LG Electronics decreased 1.03 percent at 67,500 won.
Carmakers also closed bearish, with No. 1 player Hyundai Motor falling 1.69 percent at 145,000 won and its sister Kia Motors stepping down 0.14 percent at 36,500 won. Top auto parts maker Hyundai Mobis edged up 0.21 percent at 244,000 won.
Mobile carriers traded higher, with industry leader SK Telecom moving up 2.96 percent at 278,500 won and KT advancing 2.50 percent at 34,850 won. LG Uplus increased 1.27 percent at 16,000 won.
Financial shares also closed bullish on an improved earnings outlook. KB Financial increased 0.67 percent at 60,200 won and Shinhan Financial moved up 0.57 percent at 52,600 won.
The local currency closed at 1,114.00 won against the US dollar, up 4.20 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.1 basis point at 1.720, and the return on the benchmark five-year government bond shed 0.3 basis point to 1.914 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index edged up 1.47 points, or 0.06 percent, to close at a fresh record high of 2,451.53. Trade volume was low at 230 million shares worth 4.56 trillion won ($4 billion), with losers outnumbering gainers at 477 to 326.
It marked the eighth consecutive session for the benchmark index to renew its fresh highs.
Analysts said investors took a breather following the latest market rally and also took a wait-and-see stance on July's gathering of the US Federal Open Market Committee.
"The burden of the overheated market will be abated through a short-term correction," said Kim Byung-yeon, a researcher at NH Investment & Securities Co.
Foreigners sold a net 166.3 billion won, while institutions bought a net 143.6 billion won. Retail investors bought a net 19.7 billion won.
Market behemoth Samsung Electronics shed 0.43 percent at 2,543,000 won, and LG Display lost 2.78 percent at 33,250 won. No. 2 home appliance maker LG Electronics decreased 1.03 percent at 67,500 won.
Carmakers also closed bearish, with No. 1 player Hyundai Motor falling 1.69 percent at 145,000 won and its sister Kia Motors stepping down 0.14 percent at 36,500 won. Top auto parts maker Hyundai Mobis edged up 0.21 percent at 244,000 won.
Mobile carriers traded higher, with industry leader SK Telecom moving up 2.96 percent at 278,500 won and KT advancing 2.50 percent at 34,850 won. LG Uplus increased 1.27 percent at 16,000 won.
Financial shares also closed bullish on an improved earnings outlook. KB Financial increased 0.67 percent at 60,200 won and Shinhan Financial moved up 0.57 percent at 52,600 won.
The local currency closed at 1,114.00 won against the US dollar, up 4.20 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.1 basis point at 1.720, and the return on the benchmark five-year government bond shed 0.3 basis point to 1.914 percent. (Yonhap)
