April 26, 2024

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[THE INVESTOR] Korean stocks ended lower on Feb. 20 as institutional investors dumped major tech stocks to lock in recent gains after a four-day winning streak, analysts said. The Korean won lost against the US dollar.

The benchmark KOSPI shed 27.7 points, or 1.13 percent, to close at 2,415.12. Trade volume was light at 243 million shares worth 4.16 trillion won (US$3.87 billion), with losers outnumbering gainers 503 to 318.

Institutional investors offloaded a net 286 billion won worth of local stocks, while individuals and foreigners were net buyers by snatching up 257.9 billion won and 29.2 billion won, respectively.

“The local market closed higher during the previous session,” said Lee Kyung-min, an analyst at Daeshin Securities. “However, the KOSPI was put under downward pressure as the Korean won lost ground against the greenback and institutional selling.”

Most large-cap shares ended bearish, with tech, bio and insurance leading the loss.

Samsung Electronics fell 2.03 percent to 2,370,000 won, and SK hynix, one of the top chipmakers in the world, was down 1.31 percent to 75,500 won.

Leading bio firm Celltrion also shed 3.95 percent to 304,000 won following previous gains.

Auto shares also ended in negative terrain, with leading automaker Hyundai Motor backtracking 0.97 percent to 153,500 won.

Its sister company, Kia Motors, lost 0.91 percent to 32,800 won, and Hyundai Mobis was down 0.22 percent to 223,000 won.

The local currency closed at 1,073.50 won against the greenback, down 5.90 won from the previous session’s close.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)