Shares shed 0.55% on dim economic outlook

South Korean stocks ended lower Monday as investors were spooked by a series of economic data from Europe and Asia pointing to sagging growth momentum, analysts said.

The South Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index shed 10.69 points, or 0.55 percent, to 1,915.75. Trading volume was moderate at 311 million shares worth 4.66 trillion won ($4.22 billion), with losers beating gainers 461 to 348.

Major market heavyweights remained in negative terrain with steelmakers, shipbuilders and utility leading the overall market decline.

Analysts said a continued fall in oil prices and renewed concerns over Greece were stoking fears that the eurozone economy may face a protracted slump.

“Data are still providing few signs that a rebound is in the offing,” said Lim Noh-choong, an analyst at I’M Investment & Securities. “Corporate earnings are also widely expected to remain sluggish, which is not pressing the local stock market.” (Yonhap)