April 26, 2024

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[THE INVESTOR] South Korean stocks fell on March 20 as foreign investors remained net sellers for the first time in 11 trading days, with investors opting to cash in part of their recent gains.

The benchmark KOSPI fell 7.57 points, or 0.35 percent, to close at 2,157.01. Trade volume was moderate at 261 million shares worth 4.01 trillion won (US$3.57 billion), with losers outnumbering gainers 551 to 263.

The local stock market opened lower on profit-taking, tracking losses on Wall Street on March 17.

Also, investors took to the sidelines over the news that Group of 20 nations stopped short of making a pledge to avoid trade protectionism at a meeting over the weekend.

Samsung Electronics fell 1.18 percent to end at 2,095,000 won, while SK hynix, a global chipmaker, rose 1.82 percent to 47,600 won.

Naver, the operator of the country‘s top Internet portal, shed 1.09 percent to 818,000 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 3.3 percent to 156,500 won, and its smaller affiliate Kia Motors edging up 0.41 percent to 37,000 won.

The local currency closed at 1,120.10 won against the US dollar, up 10.8 won from the previous session’s close.

(theivestor@heraldcorp.com)