Seoul shares snap 3-day rise on tech, battery slump
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)
Seoul shares ended lower Monday, snapping a three-day rally as tech and battery stocks slumped due to foreign selling. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index lost 24.01 points, or 0.92 percent, to close at 2,593.79, marking its first drop in four trading sessions.
Trade volume was moderate, with 476.4 million shares worth 8.76 trillion won ($6.3 billion) changing hands, as decliners outnumbered gainers 514 to 350.
Foreign investors sold a net 335.3 billion won worth of shares, leading the decline and offsetting net purchases of 311.7 billion won by institutions and individuals.
Tech and battery stocks led losses. Samsung Electronics, the market heavyweight, fell 0.84 percent to 59,100 won, while Hyundai Motor slipped 1.56 percent to 220,500 won. Battery stocks weakened on disappointing quarterly earnings, with POSCO Future M dropping 4.19 percent to 228,500 won and Samsung SDI sliding 1.45 percent to 339,000 won.
Steel giant Posco Holdings declined 1.88 percent to 340,000 won, and Hanwha Ocean, a major shipbuilder, lost 3.16 percent to 27,550 won.
Korea Zinc fell by the daily limit of 30 percent to 1.08 million won following an announcement to raise 2.5 trillion won through new share issuance amid a management battle.
However, SK hynix rose 2.47 percent to 195,000 won, and LG Energy Solution gained 0.61 percent to 411,500 won. Retailer Shinsegae advanced 1.54 percent to 151,400 won after announcing plans to split its department store and supermarket divisions.
The Korean won closed at 1,382.4 won per US dollar, up 4.1 won from the previous session. (Yonhap)
