Seoul stocks snap 4-day winning streak on tech losses

SEOUL, Sept. 16 (Yonhap) -- South Korean stocks snapped a four-day winning streak Thursday, hit by losses in heavyweight technology stocks. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) slumped 23.31 points, or 0.74 percent, to close at 3,130.09 points.

Trading volume was moderate at about 604 million shares worth some 12.1 trillion won (US$10.3 billion), with losers outnumbering gainers 537 to 320.

Foreigners bought a net 24 billion won, while institutions dumped 514 billion won. Retail investors purchased a net 459 billion won.

After a lackluster start, most large caps traded lower as foreign and institutional sell-offs increased ahead of the Chuseok holiday lasts from Monday to Wednesday.

Most large caps closed lower in Seoul, led by tech losses.

Market bellwether Samsung Electronics declined 1.17 percent to 76,100 won, with No. 2 chipmaker SK hynix losing 3.26 percent to 104,000 won.

Internet portal operator Naver added 0.37 percent to 402,000 won, but giant pharmaceutical firm Samsung Biologics decreased 2.14 percent to 916,000 won.

Top automaker Hyundai Motor moved down 0.72 percent to 208,000 won, but leading chemical firm LG Chem fell 0.28 percent to 716,000 won. Rechargeable battery maker Samsung SDI dipped 3.33 percent to 725,000 won.

The local currency closed at 1,171.8 won against the U.S. dollar, down 1.3 won from the previous session's close.

jwc@yna.co.kr
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