S. Korean stocks end little changed

SEOUL, Aug. 28 (Yonhap) -- South Korean stocks closed flat after choppy trading Thursday as investors took a breather from a recent rally, analysts said. The won's value against the U.S. dollar was unchanged.

The benchmark Korea Composite Stock Price Index (KOSPI) crawled up 0.83 points, or 0.04 percent, to close at 2,075.76. Trading volume was low at 296.7 million shares worth 3.7 trillion won (US$3.6 billion), with gainers beating losers, 413 to 389.

The session started higher, jumping over 2,080 point mark shortly after noon with gains in blue-chip shares, but the index steadily fell as institutions dumped stocks in late trading.

Analysts said the market was in a correction mode as investors locked in gains after the winning streak in the last two days.

"Investors temporarily backed away from the bull market, while institutional investors turned into net sellers when the KOSPI broke the 2,080-mark," Im No-jung, an analyst at I'M Investment Securities, said. "Once profit-taking ends, the market will make a rebound."

Market behemoth Samsung Electronics edged up 0.98 percent to 1,242,000 won, and SK hynix, the world's second-largest chipmaker, climbed 0.55 percent to 45,600 won.

SK Telecom, the nation's biggest carrier, rose 2 percent to 280,500 won, and No. 2 KT Telecom inclined 0.29 percent to 34,850 won.

Securities were down as investors cashed in from the previous day's sharp rise, led by hopes for an inflow of money from a new retirement pension plan.

Samsung Securities slipped 1.59 percent to 49,400 won, and Hyundai Securities fell 1.73 percent to 7,940 won.

The local bourse's atmosphere was similar to Wall Street, which finished flat after the S&P 500 topped 2,000 points for the first time on Tuesday and has floated around the milestone level since then.

The local currency settled at 1,014.4 won against the greenback, the same as Wednesday's closing.

ejkim@yna.co.kr
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