South Korean stocks drop on Brexit anxiety, profit-taking

[SEOUL] South Korean shares slipped on Wednesday on renewed uncertainty around Brexit, with some investors seen booking profits after a 1 per cent jump in the previous session. 

The Seoul stock market's main KOSPI ended down 8.24 points, or 0.39 per cent, at 2,080.62, snapping two sessions of gains.

British Prime Minister Boris Johnson said on Tuesday it was up to the EU to decide whether it wanted to delay Brexit and for how long, after a defeat in parliament made ratification of the deal by the Oct 31 deadline almost impossible.

Some investors booked profits after the recent rise in the KOSPI, said Park Seok-hyun, an analyst at KTB Investment & Securities. 

Foreigners were net buyers of US$52.55 million worth of shares on the main board 

The KOSPI has risen 1.94 per cent so far this year, and gained 5.00 per cent in the previous 30 trading sessions 

The trading volume during the session in the KOSPI index was 417.2 million shares and, of the total traded issues of 897, the number of advancing shares was 174. 

REUTERS