Seoul shares slipped on Monday, weighed down by auto shares over concerns about their export competitiveness after the Japanese yen hovered near multi-year lows against the dollar. Losses were capped, though, by institutional buying on improving economic data from the United States and China.
The Korea Composite Stock Price Index (KOSPI) ticked down 0.1 percent to 2,003.35 points, its lowest closing in eight sessions. "Expectations for global economic recovery fuelled by recent US and China data offset downside variables such as North Korean risk," said Park Sung-hoon, an analyst at Woori Investment & Securities. Shares of Hyundai Motor Co fell 2.3 percent, their fourth straight daily loss while sibling Kia Motors slid 2.1 percent.
Tech shares rebounded from recent lows through local institutional buying, with heavyweight Samsung Electronics closing up 0.6 percent after falling 3.9 percent in the last two sessions. Investors favoured some defensives, with travel agency Hana Tour Service gaining 3.2 percent while snack maker Crown Confectionary rose 4 percent.
Local institutional investors buttressed the main board by buying a net 349.5 billion Korean won ($320.55 million) worth of KOSPI shares, while foreign and local retail investors were net sellers. Decliners outnumbered gainers 544 to 277. The KOSPI 200 benchmark of core stocks closed down 0.2 percent, while the junior KOSDAQ fell 0.5 percent.
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