South Korean stocks closed nearly flat on Thursday as investors refrained from trading ahead of the European Central Bank policy rate meeting and Samsung Electronics’ guidance release, analysts said. The local currency gained against the greenback.
The benchmark Korea Composite Stock Price Index rose 1.04 points, or 0.06 percent, to 1,875.49. Trading volume was moderate at 318.4 million shares worth 3.59 trillion won ($3.16 billion), with gainers outnumbering decliners 401 to 385.
“Investors have been cutting back their trading volume recently,” said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
“It seems that they want to see how the ECB meeting and Samsung’s guidance earnings turn out before making bets on the stock market,” Lee said.
Shares closed mixed. Chemical heavyweight LG Chem rose 3.47 percent to 313,000 won.
Halla Climate Control soared 12.02 percent to 27,950 won after U.S. auto parts maker Visteon Corp. announced an offer to buy shares of the company that makes air conditioner and heater systems for cars.
Lotte Shopping also closed 2.54 percent higher at 323,500 won after being chosen as the preferred bidder for the country’s No. 1 electronics appliance retailer Himart.
However, some major exporters and financial firms ended in negative territory.
State-run Woori Finance Holdings slumped 2.85 percent to 11,950 won and smaller Shinhan Financial Group lost 2.86 percent to 39,050 won.
Samsung Electronics lost 0.5 percent to 1,185,000 won and Hyundai Motor closed 1.27 percent lower at 232,500 won.
The local currency closed at 1,135 won to the greenback, up 0.8 won from Wednesday’s close and gaining for a third session, ahead of the ECB meeting, dealers said. (Yonhap News)
