South Korean stocks slipped 0.13 percent on Monday as renewed optimism over the eurozone debt crisis faded amid concerns over downbeat economic data and second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.
After opening higher, the benchmark Korea Composite Stock Price Index fell 2.36 points to close at 1,851.65, stemming a two-session winning streak. Trading volume was moderate at 265.1 million shares worth 3.41 trillion won ($2.98 billion), with gainers outnumbering decliners 462 to 336.
“The results of the European Union summit did mark a step closer to the resolution of the eurozone crisis,” said Eom Tae-woong, an analyst at Bookook Securities Co.
“However, fears over sluggish economic data from China and the United States as well as weakening hope for second-quarter earnings weighed down on investor sentiment,” said Eom.
Blue chips closed mixed. Top automaker Hyundai Motor rose 1.29 percent to 235,500 won and its auto-parts affiliate Hyundai Mobis gained 1.09 percent to 277,500 won.
Oil refiners ended bullish on the back of a rise in global oil prices. Industry leader SK Innovation jumped 2.54 percent to 141,500 won.
In contrast, the rising price dented flag carriers. Korean Air, the country’s leading airline, and smaller rival Asiana Airlines slipped 1.19 percent and 1.62 percent, respectively, to 49,700 won and 7,310 won.
Techs also landed in negative territory. Tech giant Samsung Electronics slumped 2.25 percent to 1,174,000 won after a U.S. district court issued a preliminary injunction banning U.S. sales of its Galaxy Nexus phones last week.
The local currency ended at 1,146.1 won against the greenback, down 0.7 won from Friday’s close, as investors turned to safer assets amid lingering global economic woes, dealers said.
(Yonhap News)
