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Seoul Shares Take Breather to Snap 12-Session Rally

Seoul: South Korean stocks ended lower Tuesday to snap their 12-day winning streak as investors cashed in gains in major chipmakers and automakers. The local currency fell against the U.S. dollar.

According to Yonhap News Agency, after a choppy session, the Korea Composite Stock Price Index (KOSPI) fell 18.91 points, or 0.39 percent, to finish at 4,885.75, after touching an all-time intraday high of 4,935.48. The index had been on a steady rise for 12 consecutive sessions through Monday, gaining more than 16 percent.

Trade volume was heavy at 648.7 million shares worth 26.9 trillion won (US$18.2 billion), with gainers far outnumbering decliners 666 to 228. Institutions sold a net 606.2 billion won worth of local shares, while retail and foreign investors purchased a net 352.7 billion won and 79.3 billion won, respectively.

The index opened lower on profit-taking, tracking a correction in global markets amid heightened geopolitical risks, including U.S. President Donald Trump's push for Greenland. But the KOSPI, after touching a record peak, finished in negative territory as selling pressure weighed on large-cap chip and auto stocks.

"Semiconductor giants that led gains early in the year are taking a breather after logging record highs," Lee Kyung-min, an analyst at Daishin Securities, said. Semiconductor shares ended lower, with industry leader and top-cap Samsung Electronics falling 2.75 percent to 145,200 won and No. 2 market cap SK hynix losing 2.75 percent to 743,000 won.

Auto shares also fell. Leading carmaker Hyundai Motor dropped 0.21 percent to 479,000 won, and affiliate Kia fell 3.3 percent to 163,900 won. In contrast, state-run utility firm KEPCO jumped 16.16 percent to 65,400 won.

The local currency was quoted at 1,478.7 won against the greenback at 3:30 p.m., down 5 won from the previous session.

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