(RTTNews) - The South Korean stock market closed lower on Monday, ending a four-day winning streak, as investors locked in profits from last week’s gains. The benchmark Korea Composite Stock Price Index or KOSPI closed down 17.5 points or 1.6% at 1,058.6 after U.S. stocks finished higher on Friday.

In the currency market, the South Korean won gained sharply against the U.S. dollar. The won finished the domestic session at 1,440.0 a dollar compared to Friday’s close of 1,469.0 a dollar.

U.S. stocks closed higher for a fifth day on Friday. The Dow Jones industrial average rose 102.4 points or 1.2% to 8,829.0, the S&P 500 index advanced 8.6 points or 1.0% to 896.2, and the Nasdaq composite index climbed 3.5 points or 0.2% to 1,535.6.

Oil prices fell on Monday in Asian trading after the OPEC decided to delay a third supply cut to its next meeting later in December. At 2:53 a.m. ET, oil was quoted at $52.79 a barrel, down $1.64 form Friday’s close of $54.43 a barrel.

In economic news, a government report released earlier in the day showed that South Korean exports plunged 18.3% from a year earlier to $29.26 billion in November as a global recession cut demand for Korean-made goods.

Meanwhile, South Korea’s National Statistical Office said that the Consumer Price Index increased 4.5% year-over-year in November, slower than the 4.8% recorded in the previous month. Consumer prices excluding food and fuel rose 5.3% on an annual basis in November, compared to the 5.2% rise recorded in October.

Steelmakers, financials, energy stocks and automakers closed in negative territory. POSCO fell 1.9%, Shinhan Financial Group tumbled 3.3%, and refiner SK Energy and top automaker Hyundai Motor shed 1.2% each.

Among heavy machinery makers, Doosan Heavy Industries climbed 4.6%. In the techsector, Hynix Semiconductor climbed 2.6%, rising for a fifth consecutive session.

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Posted in Categories: Economy, Releases, USA.

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