Shares sink 1.19% on profit taking

South Korean stocks fell 1.19 percent Thursday as investors opted to lock in part of recent gains following the outcome of the U.S. presidential poll, analysts said.

The local currency lost ground against the U.S. dollar.

The Korea Composite Stock Price Index retreated 23.14 points to finish at 1,914.41. Trading volume was heavy at 6.53 million shares worth 5.31 trillion won ($4.87 billion), with losers outnumbering gainers 532 to 268.

“The ‘Romney shares’ such as energy and oil issues tumbled in U.S. markets right after we knew for sure he had lost the election, then financial stocks dropped, since Obama has pledged more fees for things like dividends. Our market is tracking the pattern,” said Jeon Ji-won, an analyst at Kiwoom Securities Co.

Today’s fall is a reflection of investors moving in line with the outcome of a major political event, rather than being spurred by protracted concerns over the U.S. fiscal cliff, Jeon added.

“The fiscal cliff is an ongoing problem and we know exactly what will happen if the U.S. Congress doesn’t reach a solution.”

Brokerages and construction companies drove down the index, with No. 2 player KDB Daewoo Securities slumping 3.95 percent to 10,950 won and industry leader Hyundai Engineering & Construction plunging 4 percent to 62,400 won.

Among large-caps, market behemoth Samsung Electronics slid 0.88 percent to 1,350,000 won while carmaker Hyundai Motor edged up 0.24 percent to 213,000 won.

Chemical shares also finished bearish, with LG Chem falling 3.32 percent to 305,500 won. (Yonhap News)