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Seoul stocks down 0.32 pct on profit-taking

All News 15:26 June 10, 2016

SEOUL, June 10 (Yonhap) -- South Korean stocks shed 0.32 percent Friday as investors opted to cash in part of recent gains. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) retreated 6.54 points, or 0.32 percent, to close at 2,017.63. Trade volume was moderate at 399 million shares worth 4.71 trillion won (US$4.04 billion), with gainers outnumbering losers 448 to 364.

The KOSPI hit a yearly high on Thursday, driven by massive foreign buying and the Bank of Korea's unexpected rate cut.

The local stock market opened lower on a fall in global oil prices. Samsung Electronics, the country's top market cap, ended its seven-day winning streak, weighing down the overall market sentiment.

"On the back of foreign buying, the KOSPI has surpassed the 2,000-point level, but investors now seem to be tempted to lock in recent gains," said Kim Sung-hwan, an analyst at Bookook Securities.

Investors also took to the sidelines waiting for the results of the Federal Open Market Committee's meeting slated for next week, according to the analyst.

Samsung Electronics fell 1.68 percent to end at 1,406,000 won, snapping its seven-day winning streak on profit-taking, and AmorePacific, the No. 1 cosmetics maker, fell 3.33 percent to 421,500 won.

SK hynix, a global chipmaker, closed flat at 29,000 won.

Naver, the operator of the country's top Internet portal, also remained unchanged at 720,000 won despite news that its board of directors would decide on the listing of its Japanese unit.

Automakers traded mixed, with industry leader Hyundai Motor closing flat 139,000 won and its smaller affiliate Kia Motors remaining unchanged at 46,300 won.

Hyundai Merchant Marine, a troubled shipper, added 0.63 percent to close at 16,100 won on news that it has reached an agreement with shipowners of its chartered fleet to cut leasing rates.

The local currency closed at 1,183.60 won against the U.S. dollar, up 3 won from the previous session's close.


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