[
THE INVESTOR] South Korean stocks closed almost flat Sept. 8, as investors sought to lock in recent gains, analysts said. The Korean won fell against the US dollar.
The benchmark KOSPI rose 1.85 points, or 0.09 percent, to close at 2,063.73. Trade volume was moderate at 651 million shares worth 5.58 trillion won (US$5.11 billion), with losers outnumbering gainers 526 to 277.
The local stock market opened higher as recent economic data in the US reduced the chance of the US Federal Reserve beginning its rate hike as soon as this month but pared earlier gains in the face of profit-taking by retail and institutional investors.
Analysts said the local stock market is expected to move in a tight range as investors await the Federal Open Market Committee’s meeting later this month.
“Burdened by the year’s record highs and weeklong Chuseok holiday, investors are moving to lock in recent gains,” said Kim Jin-young, an analyst at NH Investment & Securities. “But improved market conditions are still in store for an additional rise.”
Top market cap Samsung Electronics rose 1.11 percent to end at 1,639,000 won, and Korea Electric Power Corp. gained 0.34 percent to end at 58,700 won.
Naver, the top internet portal operator, shed 0.34 percent to 869,000 won, and SK hynix, a major chipmaker, soared 2.11 percent to 38,700 won.
Hyundai Motor, the country’s top automaker, remained unchanged at 139,000 won.
AmorePacific, the No. 1 cosmetics maker, fell 1.76 percent to 391,000 won.
POSCO, the country’s No. 1 steelmaker, advanced 2.17 percent to end at 231,500 won.
The local currency closed at 1,092.60 won against the US dollar, down 2.6 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1 basis point to 1.288 percent and the return on the benchmark five-year government bond climbed 1.7 basis points at 1.327 percent.
(
theinvestor@heraldcorp.com)
