South Korean stocks closed almost unchanged Tuesday as hopes of the government’s stimulus measures pared down morning losses following overnight falls on Wall Street, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index added 1.76 points, or 0.09 percent, to finish at 1,922.21. Trading volume was moderate at 377.5 million shares worth 4.78 trillion won ($4.29 billion) with losers outnumbering gainers 464 to 350.
The KOSPI fell to 1,896.69 during the trading session, marking the first time for the index to hover below the 1,900 mark since November 2012.
“The local stock market edged up due to the government’s decision to implement economic stimulus measures to boost its economy,” said Kwak Byung-ryeol, an analyst from Eugene Investment & Securities Co.
South Korea on Tuesday drew up an extra budget worth 17.3 trillion won for this year in a bid to revitalize its economy faced with gloomy market conditions at home and abroad. (Yonhap News)
