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Korean stocks down 0.82 pct on oil slide, profit-taking

All Headlines 15:23 April 05, 2016

SEOUL, April 5 (Yonhap) -- South Korean stocks dropped 0.82 percent on Tuesday as foreign investors locked in profits by selling large cap shares following a slide in oil prices, analysts said. The local currency sharply fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.23 points to close at 1,962.74. Trade volume was moderate at 360 million shares worth 3.99 trillion won (US$3.45 billion), with gainers outnumbering losers 423 to 380.

The market opened lower following a fall in global oil prices, coming under growing sell-offs by foreign and institutional investors.

Western Texas Intermediate for May delivery dropped to the lowest level in a month, sapping investors' appetite for risky assets.

"The lack of momentum sparked foreign sell-offs, and volatile oil prices are feared to lead to a further correction in emerging markets," said Kim Sung-hwan, an analyst at Bookook Securities.

Tech, insurance and utility stocks suffered a loss, while banking and telecom shares finished higher.

Tech giant Samsung Electronics plunged 3.45 percent to end at 1,260,000 won.

Auto issues closed mixed. Top carmaker Hyundai Motor rose 0.35 percent to 144,500 won, while its smaller affiliate Kia Motors shed 0.76 percent to 45,450 won.

Top steelmaker POSCO rose 0.46 percent to end at 220,000 won, and chemical producer LG Chem ended 3.22 percent lower at 316,000 won.

Top mobile carrier SK Telecom rose 0.49 percent to finish at 207,000 won, and top cosmetics maker AmorePacific dipped 1.48 percent to end at 398,500 won.

The local currency closed at 1,155.10 won against the U.S. greenback, down 9 won from the previous session's close.
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