Seoul stocks closed almost flat on Wednesday, as hefty foreign selling hit market leader Samsung Electronics and Kookmin Bank, wiping out strong gains in steelmakers driven by optimism over better earnings from China.
The benchmark Korea Composite Stock Price Index (KOSPI) dipped 0.09 percent to end at 850.63. The index has struggled to hold gains after hitting a four-month high on Monday.
Among the day's leading decliners, shares in Kookmin Bank fell 3.45 percent to 37,750 won, hit by heavy foreign profit-taking after a month-long rally that saw Kookmin's shares gain 4 percent over the past month by Tuesday's close.
Shares in South Korea's biggest lender might retain a degree of volatility until a replacement is named for Chief Executive Kim Jung-tae, who will step down in October, analysts said.
Samsung Electronics Co Ltd, the world's biggest maker of memory chips, fell 1.14 percent to end at 478,000 won and LG.Philips LCD fell 0.42 percent to 35,250 won.
Trade volume reached 429 million shares worth 2.1 trillion won, versus Tuesday's 438 million shares worth 2.4 trillion won.
Losers edged out gainers by 375 to 320 with 103 titles ending flat.
The December KOSPI 200 futures index declined 0.05 point to 109.50 and the underlying KOSPI 200 spot index was unchanged at 109.27.
The over-the-counter Kosdaq gained 0.07 percent to finish at 372.26.
Comments
Comments are closed.