South Korean stocks remained almost unchanged Tuesday as investors were reluctant to make big bets at the start of earnings season, analysts said. The local currency lost ground against the U.S. greenback.
The benchmark Korea Composite Stock Price Index gained 1.54 points, or 0.08 percent, to 2,006.66. Trading volume was moderate at 255.8 million shares worth 3.39 trillion won ($3.35 billion), with losers slightly outnumbering winners 400 to 397.
“Investors have anticipated Samsung Electronics’ poor second-quarter performance, and the issue has been already reflected in the market prices,” said Han Beom-ho, a senior analyst at Shinhan Investment Corp.
“They now shifted their focus to companies’ earnings reports for the second quarter, when Korean large-cap exporters had struggled to overcome the strong local currency.”
Samsung Electronics rose 0.23 percent to 1,295,000 won, despite an on-year slump in its operating profit estimate.
“Samsung started the year at around 1,300,000 won. Its share price now returned to the starting point after half a year,” said Han, the analyst.
The world’s biggest smartphone maker peaked at 1,470,000 won in June but has been on a decline since then due to the gloomy performance estimate, he added.
Steelmakers finished mixed, with industry leader POSCO staying flat at 304,500 won and Dongkuk Steel Mill skidding 0.98 percent to 7,070 won.
Top refiner SK Innovation fell 0.96 percent to 103,000 won and No. 3 S-Oil stayed unchanged at 55,500 won.
The local currency ended at 1,011.9 won per the greenback, down 1.4 won from Monday, extending its losing streak to three consecutive sessions. (Yonhap)
