Seoul shares fall nearly 2% on profit taking
The benchmark Korea Composite Stock Price Index fell 61.99 points, or 1.99 percent, to close at 3,054.28.
Trade volume was moderate at 511.83 million shares worth 13.25 trillion won ($9.93 billion), with losers beating winners 738 to 160.
Institutional investors net sold 444.03 billion won worth of stocks, while individuals and foreigners purchased a net 257.06 billion won and 162.27 billion won worth of shares, respectively.
The index opened slightly higher, tracking Wall Street gains, but soon turned negative and extended losses.
The decline came one day after the index jumped to the highest level in nearly four years, driven by the National Assembly's passage of the shareholder-friendly Commercial Act revision and progress in tariff talks between the United States and Vietnam.
Eyes are now on Seoul's tariff talks with Washington as just a week remains until the July 8 deadline set by US President Donald Trump.
Trade Minister Yeo Han-koo is scheduled to visit the US this week for last-minute negotiations.
According to foreign media reports, Trump said that his government will start sending out letters to trading partners on Friday setting unilateral tariff rates ranging from 10 percent up to 70 percent, which countries would have to pay starting August.
Most large-cap shares lost ground.
Market bellwether Samsung Electronics fell 0.78 percent to 63,300 won, while chip giant SK hynix sank 2.87 percent to 270,500 won.
Major battery maker LG Energy Solution lost 2.51 percent to 310,500 won, and leading biotech firm Samsung Biologics went down 0.57 percent to 1,038,000 won.
Top financial firm KB Financial sank 4.11 percent to 112,100 won, and nuclear power plant manufacturer Doosan Enerbility dipped 3.07 percent to 60,000 won.
Carmakers lost ground. Top carmaker Hyundai Motor retreated 1.86 percent to 210,500 won, and its sister Kia Motors fell 1 percent to 99,100 won.
Top online portal operator Naver decreased 1.58 percent to 249,000 won, and Kakao, the operator of the country's dominant mobile messenger, tumbled 1.85 percent to 58,400 won.
But No. 1 steelmaker POSCO Holdings surged 1.44 percent to 316,500 won, and major chemical firm LG Chem advanced 2.92 percent to 264,500 won.
The local currency was quoted at 1,362.3 won against the greenback at 3:30 p.m., down 2.9 won from the previous session. (Yonhap)
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