South Korean stocks inched up 0.02 percent on Wednesday as concerns about the U.S. fiscal cliff issue weighed on foreign and institutional buying, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index gained 0.43 points to 1,982.25. Trading volume was moderate at 419.6 million shares worth 3.48 trillion won ($3.24 billion), with gainers outnumbering decliners 457 to 365.
“Foreigners and institutions picked up shares on ex-dividend demand,” said Lim Dong-lak, an analyst at Hanyang Securities Co.
“However, with the U.S. fiscal issue still in a deadlock, the market is likely to remain tepid over the next few sessions.”
Most blue chips gathered ground. The country’s top auto-parts maker Hyundai Mobis rose 1.36 percent to 298,000 won and leading steelmaker POSCO gained 0.43 percent to 351,500 won.
Chip giant SK hynix added 1.19 percent to 25,450 won on hopes its earnings will likely improve in the fourth quarter. Retail giant Lotte Shopping also jumped 2.88 percent to 375,500 won on earnings hopes.
In contrast, home appliance giants underperformed the KOSPI. (Yonhap News)
