Seoul shares snap 4-day rise on profit taking
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)
Seoul shares ended lower Monday, snapping their four-session winning streak, as foreign investors moved to take profit after market volatility decreased following President Yoon Suk Yeol's impeachment over the weekend. The Korean won was trading lower against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) lost 5.49 points, or 0.22 percent, to close at 2,488.97. The Kospi had kicked off 0.43 percent higher before turning lower.
Trade volume was moderate at 515 million shares worth 8.2 trillion won ($5.7 billion), with winners outnumbering losers 487 to 397.
Foreigners unloaded 476.6 billion won worth of local shares, while retail investors and institutions purchased 368.9 billion won and 2.1 billion won, respectively.
"The Kospi had started higher as political uncertainties lessened over the weekend with Yoon's impeachment, but turned lower as investors moved to take profit," Lee Kyoung-min, an analyst at Daishin Securities, said.
On Saturday, the National Assembly passed a motion to impeach Yoon to hold him accountable for his botched martial law declaration earlier this month that sent ripples through the nation, driving the country's stock market to a one-year low at one point.
"With the December FOMC meeting and major central bank events coming up this week, the Kospi experienced a short-term adjustment," Lee added, referring to the US Federal Reserve's rate decision meeting.
Big-cap shares ended mixed across the board.
Tech behemoth Samsung Electronics lost 0.89 percent to 55,600 won, while its chipmaking rival SK hynix jumped 2.17 percent to 179,300 won.
Internet portal operator Naver increased 1.9 percent to 214,000 won, while Kakao, the operator of the country's dominant mobile messenger, plunged 4.25 percent to 43,950 won.
Auto shares lost ground.
Hyundai Motor dropped 1.86 percent to 211,000 won, and its sister Kia shed 2.85 percent to 95,300 won.
But bio shares were strong, with Samsung Biologics up 1.32 percent to 999,000 won and Celltrion rising 1.45 percent to 196,200 won.
Telecommunication shares were also bullish, with KT soaring 3.57 percent to 46,450 won and LG Uplus advancing 2.74 percent to 11,250 won.
The local currency was trading at 1,435.0 won against the US dollar at 3:30 p.m., down 2.0 won from the previous session. (Yonhap)
