South Korean stocks edged 0.15 percent down Monday as investors sat on the sidelines before key events in the United States and Europe, analysts said. The local currency gained ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index lost 2.82 points to 1,908.51. Trading volume was light at 273.2 million shares worth 3.18 trillion won ($2.93 billion) with gainers slightly outpacing decliners 402 to 389.
“The eurozone finance ministers gathered to decide a bailout for Greece later this day and officials of the U.S. Federal Reserve will deliver key speeches later this week. Investors are waiting for the good results,” said Kwak Byung-ryeol, an analyst from Eugene Investment & Securities Co.
Despite the fall in the main index, hopes are still high that the eurozone policymakers will reach an agreement to give aid to Greece and increased U.S. spending on Black Friday boosted prospects for exporters, said Kwak.
“These expectations stopped the main index from falling further amid the persistent uncertainties,” he said. “Investors are seeing that the global economic environment will anyhow improve.”
Shares closed mixed. Tech heavyweight Samsung Electronics lost 2.3 percent to 1,404,000 won on reports that Apple filed another lawsuit against the South Korean firm for patent infringement on its six latest products over the weekend. Samsung Electronics snapped its six-session rally after reaching a record high on Friday on the back of strong sales of its Galaxy products.
Shipbuilders were bullish, with top shipyard Hyundai Heavy Industries rising 1.28 percent to 198,000 won and Daewoo Shipbuilding & Marine Engineering climbing 2.32 percent to 22,050 won.
Top carmaker Hyundai Motor gained 0.23 percent to 217,000 won and its smaller affiliate Kia Motors added 0.7 percent to 57,800 won.
The local currency ended at 1,085.5 won against the greenback, up 0.6 won from Friday’s close, as investors’ appetite for risky assets recovered on signs of an economic recovery. (Yonhap News)
