Seoul: Shares slip on profit-taking

[SEOUL] South Korean shares snapped a three-day winning streak on Friday, as investors booked profits in major heavyweights after a recent global rally led by US stimulus and President Joe Biden's inauguration.

The Kospi closed down 20.21 points, or 0.64 per cent, at 3,140.63, after it had gained 1.5 per cent to hit a record closing high on Thursday. The index, however, gained 1.8 per cent for the week.

Major heavyweights slid with chip giants Samsung Electronics and SK Hynix tumbling 1.5 per cent and 2.3 per cent, respectively. Hyundai Motor also slid 2.8 per cent.

That outweighed strong gains in technology shares. Portal giant Naver surged 6.3 per cent to its record high and messenger app operator Kakao added 2 per cent, while battery maker Samsung SDI also soared 6.3 per cent.

Foreigners were net sellers of US$232.66 million worth of shares on the main board.

REUTERS