Seoul shares slipped on Friday, led by falls in banks and automakers including Hana Financial Group Inc and Hyundai Motor Co , with selling by foreign investors weighing further. The Korea Composite Stock Price Index ended down 0.12 percent at 2,120.08 points.
The market trimmed losses after the Bank of Korea's decision to keep the policy interest rate on hold for a second straight month. "Amid a lot of major events taking place recently, including the Bank of Korea rate decision, the market was treading cautiously and it seems investors remain passive," said Lee Sun-yeb, a market analyst at Shinhan Investment Corp.
Foreign investors were sellers of a net 639.8 billion won ($197.5 million) worth of stocks, offloading shares for a second straight session. Shares in Hana Financial Group plunged by the daily 15 percent limit a day after regulators delayed approving its estimated $4.1 billion purchase of a controlling stake in Korea Exchange Bank because of legal disputes. KEB, meanwhile, jumped 13 percent. Hyundai Motor Co fell 2.8 percent and Kina Motors Corp declined 3.2 percent. Samsung Fire & Marine Insurance Co Ltd fell 3.7 percent. KOSPI 200 June futures rose 0.5 points to 279.40 and the KOSPI 200 spot index lost 0.43 points to 279.59. The junior Kosdaq market ended up 0.56 percent at 507.28.
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