South Korean stocks closed down Monday due to a selloff by investment trust funds . The benchmark KOSPI lost 9 . 37 points , or 0 . 46 percent , to close at 2 , 009 . 52 . The Seoul bourse opened higher , reflecting a Wall Street rally as concerns about the RRB ’ s earlier QE exit eased . Domestic institutional investors , including investment trust funds , sold stocks ahead of the US automatic spending cuts , or sequestration and the designation of the Bank of Japan ’ s head . Japan nominated ADB President and an advocate of aggressive monetary easing , Haruhiko Kuroda , as its next central bank governor , raising concerns about the yen ’ s weakness . Hyundai Motor , Hyundai Mobis and Kia Motors were hit by the news . Samsung Techwin shares rose three percent on expectations the company will continue growth . STX Pan Ocean shares erased early gains as POSCO denied its acquisition rumors . [ Written by Min - soo Hahn / edited by Soyoung Chung ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]