South Korean stocks closed lower Monday as foreigners and institutions scaled back on their stockholding on profit taking. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index fell 3.37 points, or 0.14 percent, to close at 2,355.00. Trade volume was moderate at 204.5 million shares worth 3.753 trillion won ($3.3 billion), with decliners outnumbering advancers 478 to 308.
Institutions dumped a net 103.98 billion won worth of stocks and foreigners also sold a net 20.52 billion won of stocks.
The KOSPI index lacks strong upward momentum as investors remain cautious awaiting cues from the US Federal Reserve's annual economic policy symposium in Jackson Hole, Wyoming this week, analysts said.
Blue-chip stocks fell across the board, with bellwether Samsung Electronics Co. inching down 0.13 percent to 2,342,000 won and state-run utility Korea Electric Power Corp. declining 1.45 percent to 44,200 won.
But auto stocks advanced, keeping the main index from falling further. Top carmaker Hyundai Motor Co. rose 2.42 percent to 148,000 won and its affiliate Kia Motors Corp. climbed 0.99 percent to 35,700 won.
The local currency closed at 1,139.00 won against the US dollar, up 2.30 won from Friday's close.
Bond prices, which move inversely to yields, ended mixed. The yield on three-year Treasurys rose 0.7 basis point to 1.784 percent but the return on the benchmark five-year government bond fell 0.2 basis point to 1.997 percent. (Yonhap)
