Seoul shares fell for the first time in four sessions on Thursday, retreating from a six-month high, as lenders such as Kookmin Bank extended falls a day after South Korea proposed tighter home loans to curb property prices.
Investors also locked in gains in recent outperformers such as LG.Philips LCD Co Ltd on worries recent gains had come too quickly, giving the benchmark KOSPI a breather after a 3.5 percent gain this month as of Wednesday's close.
But some builders and steel makers gained as the government pledged to increase housing supply as part of the same housing measures unveiled on Wednesday.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.13 percent to end at 1,410.75 points, after earlier hitting a session high of 1,417.68, its highest intraday level since May 15.
Seoul's stock markets opened and closed an hour later than usual on Thursday because of the annual national college entrance examination. Lenders extended falls after the government vowed on Wednesday to tighten criteria for home-backed loans as part of measures intended to curb red-hot prices in the property market.
No 3 banking group Woori Financial Group fell 2.4 percent to 20,300 won.
Top-ranked Kookmin Bank fell 1.99 percent to 73,800 won. The index ended on Thursday at an RSI of 73.4.
The KOSPI has climbed some 18 percent since hitting a 2006 low in mid-June, as investors are growing less pessimistic about the global economy and earnings in 2007. LG.Philips LCD fell 2.66 percent to 31,150 won. Daewoo Engineering and Construction Co Ltd rose 1.22 percent to 20,800 won. POSCO Co Ltd up 0.73 percent at 276,500 won.
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