Seoul shares dropped 0.9 percent on Wednesday for a fourth consecutive loss as foreign investors continued locking into gains in technology and financial stocks. But Samsung Card Co Ltd, South Korea's second-largest credit card firm, gained 28 percent in its trading debut to end at 61,200 won, versus its IPO price of 48,000 won.
The downbeat wider market pulled the stock off its session high of 63,200 won, coupled with caution about its steep gains in its first trading day. With trading volume having dwindled on the back of recent government warnings against trading on credit, foreign net selling reached more than 3 trillion won ($3.24 billion) so far in June, outpacing their net purchases in South Korea this year.
The market has shaved 4.5 percent off its all-time high hit on June 19, and the downward trend is likely to last for a while. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.94 percent to close at 1,733.10 points.
Samsung Electronics Co Ltd, Asia's most valuable technology stock, shed 1.19 percent to 581,000 won, as investors digested the fact that its 39 percent ownership in the credit card affiliate more than doubled from the book value.
Bucking the trend, Hyundai Motor Co recouped part of its recent losses, up 2.05 percent to 74,800 won. The country's top automaker said on Wednesday it plans to export vehicle kits to Thailand later this year in a bid to make inroads into the Southeast Asian country.
Trade volume decreased to 303 million shares worth 5.2 trillion won, compared with 385.1 million shares with the same value on Tuesday. Decliners more than doubled gainers, 526 to 259 on Wednesday.
The September KOSPI 200 futures index lost 2.70 points to 221.20, while the underlying KOSPI 200 spot index fell 2.08 points to 220.35. The junior and tech-heavy Kosdaq market dropped 2.47 percent to finish at 761.03.
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