Kospi ends down as investors cash in on recent gains

The main bourse closed down 0.77 percent, or 20.51 points, at 2,659.84 as investors sought to lock in gains from a recent rally.

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,659.84 points on Monday, down 0.77 percent, or 20.51 points, from the previous trading session. [YONHAP]

Stocks ended lower Monday to snap their two-day winning streak as investors locked in moderate gains after a recent rally. The local currency rose sharply against the U.S. dollar.

The Kospi fell 20.51 points, or 0.77 percent, to 2,659.84.

Trade volume was moderate at 383 million shares worth 8.69 trillion won ($6.63 billion), with losers beating winners 517 to 353.

Foreigners and institutions led the decline, dumping a net 107 billion won and 112.3 billion won worth of local stocks, respectively. Individuals purchased a net 185.1 billion won.

Investors seemed to cash in recent gains in stocks that have soared in recent weeks on the back of the government's value-up program to boost underperforming stocks or low price-to-book ratio (PBR) shares, as well as growing popularity for high-performance AI chips.

"The Kospi's decline was affected by a slump in low PBR stocks and semiconductor stocks," said Lee Jae-won, an analyst from Shinhan Securities.

Samsung Electronics fell 1.23 percent to 72,400 won and SK hynix sank 3.08 percent to 166,600 won.

LG Energy Solution lost 0.50 percent to 400,500 won, and Samsung SDI fell 2.93 percent to 413,500 won.

Hyundai Motor slumped 3.75 percent to 243,500 won, and Kia decreased 1.71 percent to 126,200 won.

Financial and retail stocks, which have been regarded as low PBR stocks, ended in negative territory.

Woori Financial Group slid 0.28 percent to 14,250 won, and KB Financial Group dropped 0.28 percent to 70,700 won.

Lotte Shopping moved down 0.13 percent to 75,600 won, and Shinsegae retreated 1.84 percent to 165,400 won.

Game makers, however, and entertainment firms were strong as NCSoft jumped 4.62 percent to 197,000 won and Hybe soared 4.32 percent to 203,000 won.

The local currency ended at 1,310.3 won against the greenback, down 9.5 won from the previous session's close.

The Kosdaq gained 2.75 points, or 0.31 percent, to close at 875.93.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds edged up 0.4 basis points to 3.275 percent, and the return on the benchmark 10-year government bonds lost 1.4 basis points to 4.076 percent.

BY KIM JI-YE, YONHAP [kim.jiye@joongang.co.kr]