Seoul shares sink 0.78 pct on profit-taking

SEOUL, Nov. 24 (Yonhap) -- South Korean stocks dropped 0.78 percent Tuesday as
investors took profits for a second day, analysts said. The local currency fell
against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.63 points to
1,606.42. Volume was moderate at 285 million shares worth 3.89 trillion won
(US$3.4 billion), with losers outnumbering gainers 477 to 308.
"The surge in U.S. stock markets and strong housing data there were not enough to
pull the market up," said Hwang Keum-dan, an analyst at Samsung Securities.
"Foreign and institutional investors continued dumping local shares, causing the
market to fluctuate."
Most large caps traded in negative territory. Market bellwether Samsung
Electronics shed 2.24 percent to close at 742,000 won, and Hyundai Motor dropped
0.2 percent to 99,800 won.
Tech shares were among the hardest hit, with Hynix Semiconductor losing 2.36
percent to 18,600 won. LG Electronics declined 1.86 percent to close at 105,500
won.
Most bank shares sharply lost ground after a few sessions of gains. KB Financial
Group, which controls top lender Kookmin Bank, lost 0.63 percent to 62,800 won.
Hana Financial Group went down 2.85 percent to end at 37,450 won.
Korea Exchange Bank, however, rose 0.67 percent to 14,950 won on market
speculation that the firm may soon find a buyer.
The local currency ended at 1,156.60 won against the greenback, down 0.90 won
from Monday's close, as foreign investors sold off the local currency, dealers
said.
ygkim@yna.co.kr
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