Seoul shares end 0.17 pct lower on financial falls

stocks-summary


SEOUL, Dec. 21 (Yonhap) -- South Korean stocks closed 0.17 percent lower Monday
as investors unloaded financial shares, analysts said. The local currency fell
against the U.S. dollar.

After narrow trading, the benchmark Korea Composite Stock Price Index (KOSPI)
shed 2.81 points to 1,644.23. Volume was light at 277.4 million shares worth 3.7
trillion won (US$3.13 billion), with losers outpacing gainers 429 to 372.
"With a lack of strong upward momentum, the local bourse traded weaker throughout
the session," said Kwon Yang-il, an analyst at Woori Investment & Securities Co.
"Although institutional investors tried to shore up the market through
program-related buying, foreign investors unloaded local shares for a second
session."
The KOSPI rose as much as 0.23 percent in the afternoon session, boosted by
retail buying. But the stock index reversed earlier gains as financial shares
extended losses.
Financials traded in negative territory, mirroring falls in the U.S market. Top
financial services company KB Financial Group shed 1.02 percent to 58,400 won and
its rival Hana Financial Group fell 1.03 percent to 33,500 won.
Tech stocks came under the spotlight of institutional and foreign buyers. LG
Display advanced 2.41 percent to 38,200 won and chip giant Hynix Semiconductor
rose 1.85 percent to 22,050 won.
The local currency ended at 1,183.70 won against the greenback, down 7.50 won
from Friday's close, as offshore investors increased their holding of the dollar,
dealers said.
ygkim@yna.co.kr
(END)

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