South Korean stocks closed almost flat Friday as investors had mixed reactions to remarks by U.S. Fed Chair Janet Yellen, analysts said. The Korean won closed higher against the greenback.
The benchmark Korea Composite Stock Price Index edged up 1.56 points, or 0.08 percent, to 1,979.99. Trading volume was low at 247.1 million shares worth 4.8 trillion won ($4.51 billion), with gainers outpacing losers 414 to 394.
Analysts said hopeful remarks by Yellen, who attributed the latest weak U.S. data to unusual weather conditions, lent support to the market’s growth as they implied other fundamentals would be stable.
“Yellen’s remark, however, can also mean that the Fed is having trouble finding factors other than the weather,” said Kang Hyun-gie, a researcher at I’M Investment & Securities Co. “This is because economic data that are weakly related to weather are also slowing.”
Analysts said the investors were also taking a breather after the recent upward rally in the local stock market sparked by Seoul’s economic stimulus measures. (Yonhap)
