South Korea: Stocks retreat after 6-day rally, won inches down

[SEOUL] South Korean shares pulled back early on Tuesday as investors took profits after a six-day rally, while the won was pressured for a second session.

The Korea Composite Stock Price Index (KOSPI) was down 0.3 per cent at 1,988.53 points as of 0153 GMT.

The won was quoted at 1,153.1 per dollar, down 0.5 per cent compared with Tuesday's close of 1,146.9.

Kim Ye Eun, a stock analyst at LIG Investment & Securities, noted the retreat in European stock markets after rallying over the past few days was also weighing on domestic shares.

"Local equities are unlikely to bounce back for now as investors are waiting for the Federal Reserve's June meeting minutes and U.S. jobs report this week," Mr Kim said.

Foreign investors were poised to be sellers and break five straight days of buying. They had offloaded a net 55.2 billion Korean won (S$64.5 million) worth of KOSPI shares near mid-session, weighing on the index.

Chipmaker SK Hynix Inc declined 1.8 per cent, while the shares of SK Innovation Co Ltd lost 1.7 per cent.

Decliners outnumbered advancers 487 to 285.

REUTERS