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S.Korean stocks end lower after striking record high on Moon's win, won down
May 10, 2017 / 6:54 AM / 7 months ago

S.Korean stocks end lower after striking record high on Moon's win, won down

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SEOUL, May 10 (Reuters) - South Korean shares closed 1 percent lower due to profit taking after the index struck a record high on Wednesday as investors took heart from the election of a liberal moderate, Moon Jae-in, as the country’s new president.

Having gained more than 7 percent in the past ten sessions, the market was ripe for profit taking, but traders said there was still potential for it too climb higher, fuelled by optimism over Moon’s victory.

The Korea Composite Stock Price Index (KOSPI) closed at 2,270.12 points, well off its intra-session high of 2,323.22.

Foreign investors have been net buyers of KOSPI shares for four days, though the amount of purchased began to dwidnle during the session.

They bought 107.2 billion won ($94.40 million) worth for the day. Domestic institutions sold a net 39.1 billion won worth, individuals net 99.4 billion won.

The South Korean won was weaker in the wake of heightened tensions between North Korea and the United States due to concerns that Pyongyang could press ahead with a nuclear test.

The won was quoted at 1,135.8 to the dollar at the conclusion of onshore trade, weakening 0.4 percent from Monday’s close at 1,131.4. (Reporting by Dahee Kim; Editing by Simon Cameron-Moore)

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