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[THE INVESTOR] South Korean shares closed slightly lower on Aug. 24, as foreign investors turned to selling amid concerns of a US rate hike and continued decline in global oil prices. The local currency also lost ground against the US dollar.
The benchmark KOSPI slipped 6.17 points, or 0.3 percent, to 2,043.76. Trading volume was slim, at 280.2 million shares worth 4.03 trillion won (US$3.59 billion).
Gainers outnumbered losers 404 to 388.
The index opened slightly up, but later pared earlier gains as investors sought to lock in the early gains.
Institutions dumped a net 26.4 billion won worth of local stocks, remaining net sellers for seven consecutive sessions since last Tuesday.
Foreign investors sold a net 76.3 billion won, while retail investors off-loaded 17.7 billion won, ending their three-day buying streak.
“Institutions tend to off-load their holdings when the KOSPI reaches over 2,000 points. However, their seven-day selling spree may indicate that their selling will likely shrink in the upcoming days,” Kiwoom Securities analyst Seo Sang-young said.
“There were two major reasons foreign investors turned to selling today. One is growing concerns over a US rate hike, and the other is concerns over a drop in oil prices sparked by a US report that its crude stockpile jumped by nearly 4.5 million barrels last week,” he added.
Large caps closed mixed, while market bellwether Samsung Electronics suffered a large setback amid apparent profit-taking behaviors by investors.
Samsung shares plunged 2.02 percent to 1,653,000 won, one day after they climbed to a new record high of 1,687,000 won.
Local industry leader Hyundai Motor spiked 2.26 percent to 135,500 won, with its smaller affiliate Kia Motors adding 1.31 percent to 42,550 won.
Their auto parts-making affiliate Hyundai Mobis, on the other hand, lost 0.79 percent to 250,000 won.
Steelmaking giant POSCO surged 3.23 percent to 224,000 won, but top cosmetics maker AmorePacific lost 0.77 percent to 384,500 won.
The local currency closed at 1,122 won against the US dollar, weakening 6.4 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.1 basis point to 1.229 percent and the return on the benchmark five-year government bond added 0.4 basis point to 1.255 percent.
(theinvestor@heraldcorp.com)
The benchmark KOSPI slipped 6.17 points, or 0.3 percent, to 2,043.76. Trading volume was slim, at 280.2 million shares worth 4.03 trillion won (US$3.59 billion).
Gainers outnumbered losers 404 to 388.
The index opened slightly up, but later pared earlier gains as investors sought to lock in the early gains.
Institutions dumped a net 26.4 billion won worth of local stocks, remaining net sellers for seven consecutive sessions since last Tuesday.
Foreign investors sold a net 76.3 billion won, while retail investors off-loaded 17.7 billion won, ending their three-day buying streak.
“Institutions tend to off-load their holdings when the KOSPI reaches over 2,000 points. However, their seven-day selling spree may indicate that their selling will likely shrink in the upcoming days,” Kiwoom Securities analyst Seo Sang-young said.
“There were two major reasons foreign investors turned to selling today. One is growing concerns over a US rate hike, and the other is concerns over a drop in oil prices sparked by a US report that its crude stockpile jumped by nearly 4.5 million barrels last week,” he added.
Large caps closed mixed, while market bellwether Samsung Electronics suffered a large setback amid apparent profit-taking behaviors by investors.
Samsung shares plunged 2.02 percent to 1,653,000 won, one day after they climbed to a new record high of 1,687,000 won.
Local industry leader Hyundai Motor spiked 2.26 percent to 135,500 won, with its smaller affiliate Kia Motors adding 1.31 percent to 42,550 won.
Their auto parts-making affiliate Hyundai Mobis, on the other hand, lost 0.79 percent to 250,000 won.
Steelmaking giant POSCO surged 3.23 percent to 224,000 won, but top cosmetics maker AmorePacific lost 0.77 percent to 384,500 won.
The local currency closed at 1,122 won against the US dollar, weakening 6.4 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.1 basis point to 1.229 percent and the return on the benchmark five-year government bond added 0.4 basis point to 1.255 percent.
(theinvestor@heraldcorp.com)
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