Seoul shares end 0.1 pct lower on profit-taking

SEOUL, Nov. 23 (Yonhap) -- South Korean stocks closed 0.1 percent lower Monday as
foreign and institutional sell-offs outweighed retail investor optimism, analysts
said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.55 points to
1,619.69. Volume was moderate at 243.8 million shares worth 3.24 trillion won
(US$2.8 billion), with losers outnumbering gainers 392 to 377.
"The KOSPI got off to a strong start, but it lost momentum as institutions went
on a selling spree and foreign investors followed suit," said Sim Jae-yup, an
analyst at Meritz Securities.
The KOSPI climbed as high as 1630.41 percent at one point, but it was later
weighed down by institutional sell-offs.
"Investors remain cautious heading into the key shopping season as U.S.
confidence falls," Sim said.
Most large caps finished lower. Chip giant Hynix Semiconductor lost 0.52 percent
to 19,050 won and LG Electronics fell 0.46 percent to 107,500 won on rumors that
LG Electronics might be interested in buying Hynix.
Carmakers sharply lost ground on profit-taking. Top automaker Hyundai Motor
declined 1.96 percent to 100,000 won and its affiliate Kia Motors shed 1.7
percent to 17,350 won.
But market bellwether Samsung Electronics rose 0.53 percent to 759,000 won as
investors went bargain hunting.
The local currency ended at 1,155.7 won against the greenback, up 3.3 won from
Friday's close, as investors' appetite for risky assets increased, dealers said.
ygkim@yna.co.kr
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