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South Korea: Stocks end lower on US political risk, profit booking
[SEOUL] South Korean shares fell over 1 per cent on Wednesday, as investors worried about political risks after the impeachment inquiry into US President Donald Trump, while profit booking also dragged the broader market.
The KOSPI closed down 27.65 points, or 1.32 per cent, at 2,073.39, retreating from a two-month closing high marked in the previous session.
Foreigners were net sellers of US$305.18 million worth of shares on the main board.
Democrats in the US House of Representatives on Tuesday launched a formal impeachment inquiry into US President Donald Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election.
The impact of Trump impeachment issue remains to be seen, said Park Sang-hyun, an analyst at HI Investment & Securities. As uncertainties grew, there were some investors taking profits after the KOSPI's recent rise, he added.
The KOSPI has risen 1.58% so far this year, and gained 9.4% in the previous 30 trading sessions.
The trading volume during the session in the KOSPI index was 640.59 million shares and, of the total traded issues of 892, the number of advancing shares was 108.