S Korean shares close down on quadruple witching day

08:18, June 10, 2010      

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South Korean shares on Wednesday inched down as the session coincided with a quadruple witching day, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 4.26 points or 0.26 percent, to finish at 1,647.22, according to the bourse operator Korea Exchange (KRX).

On a quadruple witching day, which refers to a day on which contracts for stock index futures, stock index options, stock options and single stock futures all expire, the main bourse saw a massive foreign selling which offset bullish moves triggered by U. S. Fed Reserve Chief Ben Bernanke's remarks on rosy outlooks.

While foreigners secured their net selling position for the third-straight session, retail investors and institutions remained net buyers.

Amid most shares declining, led by electronic shares that lost 2.10 percent, telecommunication and construction shares edged up 1. 95 percent and 1.49 percent, respectively.

Market giants, such as Samsung Electronics and Samsung Life Insurance, dropped 1.91 percent and 0.49 percent, respectively, while KEPCO continued to rise 1.19 percent, said the KRX.

The junior bourse KOSDAQ also closed down, losing 3.34 points, or 0.68 percent, to close at 487.00.

The derivatives also closed lower with the KOSPI 200 Futures market declining 0.82 points, or 0.38 percent, to 215.26, according to the bourse operator.

Meanwhile, the local currency skid against the U.S. dollar, shedding 15.30 won to end trading at 1,248.70 won .

Bond prices closed higher, with the yield on three-year Treasury notes declining 0.02 percentage point to 3.61 percent.



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