Seoul stocks tumble 1.02 pct on tech losses

SEOUL, Sept. 14 (Yonhap) -- South Korean stocks finished 1.02 percent lower Monday, pulled downward by tech shares as investors locked in gains built over the past few weeks, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) slumped 16.79 points to
close at 1,634.91, retreating from a yearly high in the previous session. Volume
was light 422.05 million shares worth 6.6 trillion won (US$5.4 billion) with
losers outpacing gainers 502 to 297.
"Large-cap tech shares came under selling pressure amid skepticism over whether
their recent powerful rallies are really backed up by their earnings," said Lee
Jae-man, an analyst at Tong Yang Securities.
"The local currency's recent upturn is also responsible for the sector's slump as
it is expected to dent their exports," Lee said.
Memory-chip giant Samsung Electronics slid 3.66 percent to 764,000 won and Hynix
Semiconductor also tumbled 4.27 percent to close at 20,200 won.
LG Electronics, the country's No. 2 electronics company, also dropped 4.28
percent to 123,000 won.
Financial shares, however, added ground on speculations that the resilient local
economy may help raise their profitability.
Second-biggest financial service firm Woori Finance Holdings gained 0.92 percent
to 16,450 won and smaller rival Hana Financial Group jumped 2.21 percent to end
at 39,350 won.
Chemical shares also closed higher, boosted by solid buying by foreign investors.
Top chemical producer LG Chem added 0.95 percent to 211,500 won and Hanwha
Chemical surged 2.3 percent to close at 13,350 won.
The local currency ended at 1,225.1 won to the U.S. dollar, down 3.3 won from
Friday's close, ending a seven-session winning streak as importers bought
dollars, dealers said.
Bond prices, which move inversely to yields, closed steady. The return on
three-year Treasuries finished at 4.49 percent and the benchmark yield on
five-year government bonds ended at 4.96 percent.
pbr@yna.co.kr
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