Seoul shares closed lower on Tuesday, led by technology issues such as Samsung Electronics, but carmakers and defensive stocks in the telecommunications sector rose. The Korea Composite Stock Price Index closed down 0.79 percent at 1,490.25 points, after briefly hitting a fresh 16-month low of 1,474.64 points.
"Markets pared earlier losses thanks to some institutional buying, but most buying came from program accounts," said Kim Seung-han, a market analyst at CJ Investment & Securities. Foreign investors sold for a sixth consecutive session, bringing to 1.65 trillion won the value of shares sold since August 18.
Technology issues fell across the board as deepening economic worries hit tech firms' earnings outlooks, sending Samsung Electronics, the world's No 1 memory chip maker, down 3.57 percent to 540,000 won. Hynix Semiconductor, the world's No 2 memory chip maker, fell 2.38 percent to 20,550 won. LG Electronics, a leading maker of handsets and household appliances, also lost 1.89 percent to 104,000 won.
Shipbuilders retreated on persistent weakness in the won currency and amid a worsening sector outlook, after the won hit a 4-year low against the dollar. Hyundai Heavy Industries closed down 1.61 percent to 244,000 won and Daewoo Shipbuilding & Marine Engineering fell 4.93 percent to 34,700 won.
Meanwhile, shares in Kookmin Bank climbed for a second-consecutive session after it won support from shareholders on Monday for its planned transformation into a holding company, removing a hurdle to its expansion drive. Kookmin closed 1.22 percent higher at 58,000 won.
Decliners outnumbered advancers by 551 to 259, with 74 titles ending flat. Trade volume stood at 210 million shares worth 3.1 trillion won, compared with 194 million shares worth 2.8 trillion won on Monday. The KOSPI 200 September futures index lost 0.90 points to 192.65 and the KOSPI 200 spot index fell 1.63 points to 191.36. The junior Kosdaq market shed 1.51 percent to 477.06.
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