Korean Stocks Down 0.62 %
South Korean stock prices closed lower in volatile trade, reversing earlier gains, Monday as foreign and institutional investors unloaded part of their high-priced shares such as shipbuilders and machinery makers, analysts said.
The KOSPI index ended down 10.72 points or 0.62 percent at 1,716.56. Volume was moderate at 469.5 million shares worth 6.8 trillion won ($7.3 billion), with losers outpacing winners 469 to 325.
"The main index seemed to face a technical correction from a recent run-up," said Kim Young-gak, an analyst at Hyundai Securities Co. "But losses were limited as gains in tech
blue-chips managed to buttress the market."
Shipbuilders traded lower on profit taking. Industry leader Hyundai Heavy Industries shed 2.73 percent to 303,000 won.
Leading power generator maker Doosan Heavy Industries declined 9.88 percent to 82,100 won after Goldman Sachs issued a "sell" recommendation for the shares, citing it as having risen to a level above its fair evaluation.
But tech blue chips traded in positive territory. Tech heavyweight Samsung Electronics advanced 1.05 percent to 578,000 won and chip giant Hynix Semiconductor rose 1.43 percent to 32,000 won.