Seoul stocks end 1.54 pct down on institutional sell-off

By Kim Young-gyo
SEOUL, June 9 (Yonhap) -- South Korean shares closed 1.54 percent lower Tuesday,
pummeled by relentless institutional selling, analysts said. The local currency
lost against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged 21.46 points to
1,371.84. Volume was moderate at 472.78 million shares worth 5.78 trillion won
(US$4.57 billion), with losers outpacing gainers 612 to 198.
"Massive institutional selling sent the key index down as they locked in
profits," said Seo Dong-pil, an analyst at Hana Daetoo Securities.
Institutional investors reduced holdings of local stocks for a fourth session, as
they scrambled to lock in profits on increasing demand for fund redemption.
Large-cap shares tumbled across the board. Market leader Samsung Electronics shed
1.74 percent to 565,000 won and Hynix, the world's second-largest memory-chip
maker, slumped 5.49 percent to 12,900 won.
Banks lost ground with KB Financial Group, which controls top lender Kookmin
Bank, dropping 2.86 percent to end at 39,000 won.
The local currency finished at 1,265 won to the dollar, down 12.6 won from
Monday's close, due to growing tensions on the Korean Peninsula and the
greenback's global strength, dealers said.
ygkim@yna.co.kr
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