Seoul stocks end lower on institutional, foreign selling

SEOUL, June 21 (Yonhap) -- South Korean shares finished lower Thursday as institutional and foreign investors offloaded large-cap shares amid persistent fears over a trade friction between the United States and China. The Korean won fell against the U.S. dollar.

The benchmark Korean Stock Price Index (KOSPI) shed 26.08 points, or 1.1 percent, to finish at 2,337.83 Trade volume was moderate at 430 million shares worth 6.6 trillion won (US$6 billion), with losers outnumbering gainers 662 to 193.

The index had opened higher, but soon reversed course along with the strengthening of the U.S. dollar and the lack of steam.

"There was a general lack of momentum for the local shares amid external factors such as the trade war issue and the strong U.S. dollar," said Kim Sung-hwan, an expert at Bookook Securities.

Offshore and institutional investors dumped 129.4 billion won and 310.7 billion won worth of local shares, respectively, while retailers picked up 409.3 billion won.

Bio and insurance shares were under heavy downward pressure and dragged down the index.

Samsung BioLogics, a biopharmaceutical affiliate of Samsung Group, shed 1.19 percent to end at 415,000 won after jumping more than 1 percent a day earlier. Celltrion was down 1.68 percent to close at 292,000 won.

Blue chips ended on a mixed note, with market bellwether Samsung Electronics going up 0.11 percent to 47,050 won after Moody's Investors Service raised the outlook on the firm. Chip giant SK hynix gained 0.8 percent to 88,500 won.

Auto stocks, meanwhile, finished in negative terrain. Top automaker Hyundai Motor gave up 1.93 percent to close at 127,000 won, and its sister company Kia Motor went down 2.2 percent to 30,800 won.

The South Korean currency closed at 1,112.80 won against the U.S. dollar, down 7.7 won from the previous session's close.

khj@yna.co.kr
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