South Korean shares fall more than 4% on profit-taking

Hyundai Motor Co

Tue 04:17

KOSPI falls, foreigners net sellers
Korean won strengthens against dollar
South Korea benchmark bond yield rises

    SEOUL, June 23 (Reuters) - Round-up of South Korean financial markets:
** Shares fell more than 4% on Tuesday, triggering a trading curb that was later lifted, as investors booked profits after recent sharp gains in chipmaker stocks. 
** The benchmark KOSPI .KS11 was down 393.46 points, or 4.32%, at 8,715.91 as of 0250 GMT, after notching a record close on Monday. 
** On Tuesday, the index triggered a trading curb after futures fell 5%.
** "It seems to be short-term side-effects from recent concentration in the chip sector. The fall is triggered by growing profit-taking pressure among foreign investors," said Han Ji-young, an analyst at Kiwoom Securities. 
** Chipmaker Samsung Electronics 005930.KS fell 4.24%. Peer SK Hynix 000660.KS lost 6.06%, a day after overtaking Samsung to become South Korea's most valuable listed company.
** The market watchdog's chief offered a rare mea culpa on Monday, saying the regulator had been too hasty in approving leveraged funds tied to some of the country's best-known chip stocks.
** Among other index heavyweights, battery maker LG Energy Solution 373220.KS slid 2.98%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 8.78% and down 6.47%, respectively. 
** Of the total 918 traded issues, 131 shares advanced, while 771 declined.
** Foreigners were net sellers of shares worth 2.8 trillion won ($1.82 billion). 
** The won was quoted at 1,536.0 per dollar on the onshore settlement platform KRW=KFTC, 0.19% higher than its previous close.
** Finance Minister Koo Yun-cheol said at a cabinet meeting that the current foreign exchange level at around mid-1,500 won per U.S. dollar is "excessive" compared to the country's fundamentals.
** The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 0.1 basis point to 3.804%, while the benchmark 10-year yield KR10YT=RR rose by 1.0 basis point to 4.207%.
     
($1 = 1,537.2000 won)

(Reporting by Jihoon Lee; Editing by Harikrishnan Nair)
((jihoon.lee@thomsonreuters.com;))