BUSINESS

Seoul stocks fall on foreign, institutional sell-off

By a2017001
  • Published : Jun 30, 2017 - 16:10
  • Updated : Jun 30, 2017 - 16:28

South Korea's main stock index declined on Friday, driven by the sell-offs by foreign and institutional investors with risk aversion on the rise. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index fell 3.87 points, or 0.16 percent, to close at 2,391.79. Trade volume was moderate at 332 million shares worth 5 trillion won ($4.4 billion).

The local stock market opened lower, tracking declines on the Wall Street overnight. 


However, the main stock index, which posted an all-time high this week, has risen for a seventh consecutive month.

Kim Dae-jun, a senior researcher at Hankook Investment & Securities, said the market is likely to see a short-term correction after a seven-month gain.

Institutional investors sold a net 121.5 billion won worth of local stocks and foreign investors sold a net 38.5 billion won worth of stocks.

Top cap Samsung Electronics fell 0.83 percent to end at 2,377,000 won, and SK hynix, a global chipmaker, declined 1.61 percent to 67,400 won.

Naver, the operator of the country's top Internet portal, shed 1.76 percent to 838,000 won.

Top automaker Hyundai Motor fell 0.93 percent to 159,500 won, and its smaller affiliate Kia Motors rose 0.13 percent to close at 38,200 won.

The local currency closed at 1,144.10 won against the US dollar, down 3.0 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys fell 0.2 basis point to 1.698 percent, while the return on the benchmark five-year government bond added 0.1 basis point to 1.908 percent. (Yonhap)



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