Seoul stocks tumble on profit-taking
SEOUL, South Korean stocks dipped more than 2 percent Friday as investors booked profits from a recent rally. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 64.03 points, or 2.03 percent, to close at 3,085.9 points.
Trading volume was high at about 1.3 billion shares worth around 22.8 trillion won (US$20.7 billion), with losers outnumbering gainers 626 to 240.
The KOSPI opened higher, buoyed by a massive stimulus proposal by U.S. President-elect Joe Biden that fueled hopes of a speedy global recovery from the pandemic.
The stocks prices faltered after hopes for the U.S. stimulus proposal were fast priced into the market, analysts said.
“Foreigners seem to have turned to sellers after picking up the stocks that institutions sold in the previous session, the expiration day for stock options,” Kang Song-cheol, an analyst at Shinhan Investment Corp., said.
Samsung Electronics shed 1.9 percent to 88,000 won, and No. 2 chipmaker SK hynix slumped 2.3 percent to 127,500 won.
Leading chemical firm LG Chem retreated 3.07 percent to 979,000 won, and rechargeable battery maker Samsung SDI lost 1.6 percent to 737,000 won.
Internet portal operator Naver fell 3.77 percent to 306,000 won, and its rival Kakao declined 3.1 percent to 437,500 won.
Pharmaceutical firm Samsung Biologics moved down 1.47 percent to 804,000 won, and Celltrion sank 6.67 percent to 329,000 won. Top automaker Hyundai Motor went down 4.19 percent to 240,000 won.
The local currency closed at 1,099.4 won per dollar, down 1.4 won from the previous session’s close.
Source: Yonhap News Agency