Shares inch down on investor caution

South Korean stocks slipped 0.17 percent on Thursday as investors remained cautious following mixed economic data from global economies, analysts said. The local currency fell against the U.S. dollar.

After rangebound trading, the benchmark Korea Composite Stock Price Index slipped 3.35 points to 1,992.68. Trading volume was moderate at 577.8 million shares worth 4.8 trillion won ($4.3 billion), with decliners outnumbering gainers 410 to 399.

The South Korean stock market was closed Wednesday for National Foundation Day. Local bourses also closed Monday for the Chuseok holiday.

“Mostly, investors seem to be searching for market direction amid a set of mixed economic data from the U.S. and China and nagging woes over the eurozone,” said Park Sung-hoon, an analyst at Woori Investment & Securities Co. (Yonhap News)

Park said, however, investor sentiment may pick up following Samsung Electronics Co.’s third-quarter earnings guidance release.

The company is South Korea’s top company by market cap.

Market heavyweights closed mixed. SK hynix, the world’s No. 2 memory chipmaker, climbed 2.89 percent to 23,150 won on recovering NAND flash memory prices. LG Electronics also gained 2.5 percent to 69,800 won.

In contrast, market bellwether Samsung Electronics lost 0.15 percent to 1,367,000 won as investors opted for profit-taking ahead of its upcoming earnings guidance release on Friday.

State-run Korea Gas Corp. advanced 6 percent to 76,000 won, driven by hopes over government plans to expand investment in a U.S. shale gas project.

Woongjin Coway, a key affiliate of Woongjin Holdings, surged 14.1 percent to 34,400 won ahead of a Friday court hearing that will decide the fate of the cash-strapped conglomerate.

Oil refiners closed lower in line with a decline in the global oil price. Top player SK Innovation lost 2.39 percent to 163,500 won.

The local currency closed at 1,113.8 won, down 1.3 won from Tuesday’s close, as lingering concerns over the eurozone debt crisis led investors to opt for safer assets, dealers said. 

(Yonhap News)