South Korean stocks fell on Wednesday as heavy waves of program selling pushed the broad market down. The Korea Composite Stock Price Index ended down 1.23 percent at 1,754.78 points after swerving between small gains and losses. Stock futures slid 1.25 percent or 2.85 points to 225.40 points. The KOSPI 200 spot index fell 2.98 points to 225.14. The junior Kosdaq market finished down 1.14 percent at 474.29.
A net 602.5 billion won ($558.9 million) worth of stocks on the main index were sold from programme accounts, according to the Korea Exchange data, with arbitrage trades offloading a net 367.6 billion won. Decliners led advancers almost 2 to 1, with technology and banking issues leading falls.
Foreign investors ended a five-session selling streak and turned net buyers, purchasing a net 90.6 billion won. Samsung Electronics Co Ltd, the world's No 1 memory chip maker and the largest counter on the KOSPI, lost 2 percent. The world's No 2 memory chipmaker Hynix Semiconductor Inc also plunged 5 percent. KB Financial Group, the parent of the country's largest mortgage lender, was down 4.1 percent. Shinhan Financial Group shed 4.9 percent. Samsung SDI tumbled 6.7 percent after a media report that its joint venture partner, Germany's Robert Bosch GmbH.
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