South Korean stocks finished nearly flat Monday as investors sat on the sidelines on worries over weak fourth-quarter corporate earnings due starting this week, analysts said. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index fell 0.03 percent, or 0.69 points, to 2,011.25. Trading volume was moderate at 532 million shares worth 3.94 trillion won ($3.71 billion) with losers outnumbering gainers 395 to 392.
“The KOSPI closed lower as investors took a wait-and-see stance on concerns over listed firms’ fourth-quarter performances,” said Kwak Byung-ryeol, an analyst from Eugene Investment & Securities Co.
Starting Tuesday, local firms will announce their fourth-quarter performances, which are anticipated to show weaker-than-expected results on the protracted economic slowdown.
“Investors also sought profit-taking after a sharp increase tallied earlier this year, which dented the local stock market even further,” Kwak added.
Foreign investors offloaded a net 43.5 billion won, while institutions purchased a net 23.5 billion won. Retail investors scooped up a net 24.7 billion won.
Top industry player Samsung Electronics fell for a third consecutive trading day by decreasing 0.33 percent to 1,520,000 won, after ending at an all-time high of 1,576,000 won on the first trading session of the year.
LG Display, the biggest panel supplier for Apple’s iPad tablet computer, dipped 2.59 percent to 30,050 won on the stagnant sales of the U.S. firm.
Kumho Petrochemical, an oil refiner affiliate of Kumho Asiana Group, shed 1.52 percent to 130,000 due to a gloomy outlook on the firm’s performance this year.
On the other hand, carmakers closed bullish as investors sought for undervalued shares, with No. 1 player Hyundai Motor rising 1.21 percent to 208,500 won, while its smaller affiliate Kia Motor added 0.75 percent to 54,000 won. (Yonhap News)
