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Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (Kospi) closed at 3,247.83 on Tuesday, down 4.29 points or 0.13 percent from the previous session's close. (Yonhap) |
South Korean stocks closed Tuesday after choppy trading, as increased valuation pressure offset hopes of a fast economic recovery. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) fell 4.29 points, or 0.13 percent, to close at 3,247.83 points.
Trading volume was high at about 1.9 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 464 to 376.
Foreigners sold a net 206 billion won, while institutions bought 262 billion won. Retail investors sold a net 45 billion won.
The Kospi got off to muted start after it finished the previous session at a record high of 3,252.12 points.
Stock prices fluctuated as investors take a wait-and-see mode, seeking more clues to fathom the outlook for inflation in the United States.
The Kospi rebounded in the late afternoon as bio advanced on the progress of the vaccination campaign. But valuation pressure and lingering inflation worries erased the gains toward the session's close.
"The Kospi fell on investors' move to lock in profit and hold their cash until they have more clues about the price pressure," Daeshin Securities analyst Lee Kyung-min said.
"The upcoming (US) consumer price index (CPI) for May may have a short-term impact on the local stock prices," he said.
The American CPI report is set to be released Thursday (US time).
Large caps closed mixed in Seoul
Market bellwether Samsung Electronics closed unchanged at 81,900 won, and No. 2 chipmaker SK hynix shed 0.78 percent to 127,500 won.
Internet portal operator Naver closed flat at 362,500 won, and giant pharmaceutical firm Samsung Biologics increased 1.54 percent to 855,000 won.
Top automaker Hyundai Motor gained 0.83 percent to 243,500 won, while leading chemical firm LG Chem retreated 0.74 percent to 808,000 won.
The local currency closed at 1,114.2 won against the US dollar, down 1.3 won from the previous session's close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 2.7 basis points to 1.174 percent, and the return on the benchmark five-year government bond fell 4.2 basis points to 1.657 percent. (Yonhap)
