Shares flat despite upbeat U.S. jobs data

South Korean stocks closed almost unchanged on Friday as investor sentiment remained tepid despite an improvement in U.S. jobs data, analysts said. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index inched up 0.17 points, or 0.01 percent, to 1,933.26, snapping a four-session losing streak. Trading volume was moderate at 390.4 million shares worth 3.72 trillion won ($3.35 billion), with gainers outnumbering decliners 448 to 371.

“There were some optimistic remarks regarding Greece and the U.S. jobs data was a positive factor, but uncertainties continued to loom and issues over the accuracy of the data were raised,” said Cho Byung-hyun, an analyst at Tong Yang Securities Inc.

Cho painted a rosy outlook for next week, however, pinning hopes on the upcoming release of U.S. economic data.

“There were steep losses this week as the week kicked off with growth projection cuts by international organizations. But the KOSPI is likely to recover next week, helped by positive housing data, which will ease concerns on the U.S. economy,” said Cho.

Domestic-oriented food producers gathered ground. Confectionery maker Orion surged 6.49 percent to 1,018,000 won and CJ CheilJedang jumped 5.81 percent to 346,000 won.

Cosmetics makers also ended bullish, with LG Household & Health Care advancing 5.57 percent to 663,000 won.

However, most market heavyweights ended in negative territory.

Samsung Electronics slipped 0.61 percent to 1,296,000 won despite a U.S. appeals court ruling that lifted an earlier sales injunction.

Automakers also limited the KOSPI’s gain, with Hyundai Motor falling 1.93 percent to 228,500 won.

Transporters and air carriers also ended in negative territory, with No. 2 Asiana Airlines slumping 1.89 percent to 6,750 won on a grim outlook for its third-quarter earnings. (Yonhap News)