SEOUL: South Korean stocks ended 0.22 percent lower Friday as foreigners unloaded shares amid uncertainties about the upcoming U.S. rate-setting meeting and Greece’s bailout talks, analysts said. The local currency lost ground against the U.S. dollar.
After a strong start, the benchmark Korea Composite Stock Price Index (KOSPI) lost 4.44 points to 2,052.17. Trading volume was moderate at 380.98 million shares worth 6.06 trillion won (US$5.44 billion), with decliners surpassing gainers 497 to 313.
Analysts said the decline came amid uncertainties regarding the upcoming U.S. Federal Reserve meeting on interest rates as well as the ongoing talks between Greece and its creditors.
“The Federal Open Market Committee meeting is slated for next week, and there’s also the local government’s economic policy for the second half of the year to be announced late this month and the Greek debt risks, so the KOSPI will be boxed below the 2,100 mark,” said Kim Yong-gu, an analyst at Samsung Securities Co.
