Seoul stocks retreat from record-breaking streak ahead of major events

SEOUL, Oct. 28 (Yonhap) -- South Korean stocks took a breather on Tuesday after enjoying a stellar performance over the past weeks, as investors cashed in part of jaw-dropping gains ahead of major events, such as the Trump-Xi meeting and the Federal Reserve's rate decision. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slid 32.42 points, or 0.8 percent, to close at 4,010.41.
The index has been on a bull run since late September as investors snatched up major stocks such as tech, defense and shipbuilders.
Trade volume was moderate at 405.3 million shares worth 19.5 trillion won (US$ 13.6 billion). Losers outnumbered winners 499 to 379.
Foreigners were net sellers, offloading 1.6 trillion won. Retail and institutional investors purchased a net 1.6 trillion won and 92.6 billion won, respectively.
"The KOSPI took a breather after reaching a record high the previous session, as investors either locked up profits or took to the sidelines as major events such as the U.S.-China summit meeting neared," said Lee Kyoung-min, an analyst from Daishin Securities.
Investors are closely watching the upcoming meeting between President Lee Jae Myung and U.S. President Donald Trump on Wednesday, where the two leaders are expected to hash out details of South Korea's $350 billion investment pledge to the United States.
The Fed is also scheduled to hold a rate-setting meeting later this week, another key event for investors.
In Seoul, most large cap shares ended lower.
Market bellwether Samsung Electronics dipped 2.45 percent to 99,500 won, while its rival SK hynix fell 2.62 percent to 521,000 won. SK hynix is scheduled to announce its third-quarter earnings results on Wednesday.
Top carmaker Hyundai Motor retreated 1.57 percent to 250,500 won, defense giant Hanwha Aerospace dipped 4.14 percent to 996,000 won, and KB Financial Group fell 1.36 percent to 116,400 won.
In contrast, battery makers and IT shares gathered ground.
Battery maker LG Energy Solution added 3.03 percent to 510,000 won, and messenger app operator Kakao rose 4.6 percent to 63,700 won.
The Korean won was quoted at 1,437.7 won against the U.S. dollar as of 3:30 p.m., down 6 won from the previous session's close.

Sumber : yna.co.kr