Korean stocks finished 0.73 percent lower Wednesday as worries about China’s growth prospects and North Korea dampened investor appetite for risks, analysts said. The local currency fell against the U.S. dollar.
The benchmark KOSPI declined 14.92 points to 2,027.23. Trading volume was moderate at
511 million shares worth 5.1 trillion won ($4.53 billion) with losers leading gainers 542 to 273.
“The local bourse underperformed against other stock markets in Asia,” said Lee Young-won, an analyst at HMC Investment Securities Co. “There were concerns about a slowdown of the Chinese economy and North Korea raising its rhetoric ahead of the nuclear security summit.”
Starting Monday, global leaders are scheduled to visit South Korea for a two-day summit aimed at preventing nuclear terrorism and ensuring atomic safety.
Earlier in the day, North Korea warned that it will regard any statements related to the communist country’s nuclear weapons program during the summit as a declaration of war.
The KOSPI fell nearly 1 percent at one point during the day, but its losses were limited as gains among financial firms and mobile carriers lent support.
Both institutional investors and foreign investors were net sellers while retail investors were the sole net buyers. (Yonhap News)
