[THE INVESTOR] South Korean shares closed sharply lower on Oct. 13 as institutions tried to cash in early gains. The local currency also weakened against the US greenback as the Bank of Korea decided to keep its key rate steady for the month.

The benchmark KOSPI lost 18.29 points, or 0.90 percent, to 2,015.44. Trading volume was moderate at 430 million shares worth 4.33 trillion won (US$3.81 billion) with losers greatly outnumbering gainers 635 to 184.

The index had opened on an upbeat note, partly helped by overnight gains on Wall Street, but the earlier gains were quickly lost as institutions sought to lock in early gains.



Institutions offloaded a net 569.6 billion won, while foreign investors scooped up a net 194.2 billion won, ending their three-day selling streak that began at the start of the week.

Retail investors purchased a net 375 billion won.

The local currency closed at 1,135.90 won against the US greenback, down 12.30 won from the previous session’s close.

Most major caps ended in negative terrain.

Samsung Electronics gained 1.43 percent to 1,557,000 won, slightly rebounding from three consecutive sessions of drop triggered by its decision to halt global sales of its Galaxy Note 7 smartphone over battery-related problems.

Top automaker Hyundai Motor plunged 1.83 percent to 134,000 won, with its smaller affiliate Kia Motors losing 0.94 percent to 42,000 won.

Top portal operator Naver tumbled 4.28 percent to 827,000 won, while global steelmaker POSCO retreated 2.99 percent to 227,500 won.

(theinvestor@heraldcorp.com)