Seoul shares end lower on slowing growth woes
SEOUL, Dec. 14 (Yonhap) -- South Korean stocks finished lower Friday as investors moved to lock in profits from recent gains amid renewed concerns over the global economic slowdown, experts said. The South Korean won weakened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 26.17 points, or 1.25 percent, to 2.069.38, clipping back the previous two days' gains. Trading volume was moderate at 439.54 million shares worth 5.58 trillion won (US$4.94 billion), with losers outnumbering gainers 517 to 321.
The index opened nearly flat but soon turned to negative terrain to extend losses. Foreign and institutional investors offloaded local shares worth 92.4 billion won and 123.1 billion won, respectively, while retailers picked up shares worth 183.9 billion won.
"While investors have already digested some positive signs of progress in the Washington-Beijing trade talks, data on China's economic activities in November mostly slowed to spark worries over its ripple effect on emerging nations," said Seo Sang-young, an expert at Kiwoom Securities.
On Friday, China reported that its industrial production growth slowed to 5.4 percent in November, the lowest number since the start of 2016 and lower than market expectations.
Most big-cap shares on the Seoul bourse lost ground, with tech firms under heavy downward pressure.
Market bellwether Samsung Electronics lost 2.62 percent to close at 38,950 won, and major chipmaker SK hynix sank 5.65 percent, ending at 61,800 won.
Leading chemical firm LG Chem skidded 0.99 percent to 351,500 won on profit-taking, and No. 1 automaker Hyundai Motor decreased 1.69 percent to 116,500 won.
Top-cap bio shares also finished lower. Pharmaceutical giant Celltrion retreated 4.37 percent to 208,000 won, and Samsung BioLogics tumbled 4.51 percent to 391,500 won due to the prosecution probe into the biotech company over accounting fraud charges.
The local currency closed at 1,130.8 won against the U.S. dollar, down 7.4 won from the previous session's close.
graceoh@yna.co.kr
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