Seoul: South Korean stocks fell slightly to end a three-session winning streak Friday as investors hunted for profits by dumping battery and bank shares despite eased tariff woes on a U.S.-Britain trade deal. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.21 points, or 0.09 percent, to close at 2,577.27.
According to Yonhap News Agency, the index had risen for three consecutive sessions since Friday, with the local financial market being closed Monday and Tuesday for the Children's Day and Buddha's Birthday holidays. The trade volume was moderate at 478.2 million shares worth 7.73 trillion won (US$5.52 billion), with losers outnumbering winners 535 to 353. Institutions drove the daily drop by selling a net 187 billion won, while foreigners and individuals bought a net 67.3 billion won and 63.1 billion won, respectively.
Overnight, U.S. stocks ended higher as a trade agreement between Washington and London boosted hopes for other countries' tariff negotiations. However, in Seoul, battery and bank shares were the lead decliners. Leading battery maker LG Energy Solution fell 2.9 percent to 318,000 won, while POSCO Future M sank 4.74 percent to 120,500 won. Major lender KB Financial Group lost 2.65 percent to 92,000 won, and Shinhan Financial Group shed 0.39 percent to 50,700 won.
Major shipbuilder Hanwha Ocean declined 0.62 percent to 79,800 won, and flagship air carrier Korean Air retreated 2.22 percent to 22,050 won. Conversely, tech giant Samsung Electronics rose 0.37 percent to 54,800 won, and top carmaker Hyundai Motor increased 1.5 percent to 189,900 won. Naver, the number one online portal operator, added 1.22 percent to 191,000 won, and defense firm Korea Aerospace Industries (KAI) jumped 5.44 percent to 93,100 won.
The local currency was trading at 1,400 won against the dollar at 3:30 p.m., down 3.4 won from the previous session. Bond prices, which move inversely to yields, closed lower, with the yield on three-year Treasurys adding 5 basis points to 2.331 percent, and the return on the benchmark five-year government bonds increasing 5.3 basis points to 2.448 percent.