[
THE INVESTOR] South Korean stocks traded lower late morning on Jan. 13 as foreign investors turned to selling.
The benchmark KOSPI lost 8.62 points, or 0.41 percent, to 2,078.52 as of 11:20 a.m.
The drop came one day after the index closed at 2,087.14, the highest since July 16, 2015.
Foreign investors apparently sought to cash in their gains, offloading a net 64.9 billion won (US$55.08 million) and ending their buying streak of 12 consecutive sessions since Dec. 27.
Retail investors were also net sellers, while institutions remained net buyers. Large caps traded mixed.
Market bellwether
Samsung Electronics lost 2.73 percent, one day after reaching a record high of 1,940,000 won.
Top automaker
Hyundai Motor added 1.01 percent, while top portal operator Naver plunged 1.75 percent.
Cosmetics giant
AmorePacific spiked 3.81 percent, while the country’s No. 2 carmaker Kia Motors added 0.12 percent.
The local currency was trading at 1,177.30 won against the US dollar, up 7.40 won from the previous session’s close.
(theinvestor@heraldcorp.com)