SEOUL: South Korean stocks closed 0.23 percent lower Friday as investors took a wait-and-see approach amid concerns over a possible U.S. rate hike in December. The local currency closed higher against the greenback.
The benchmark Korea Composite Stock Price Index fell 4.69 points 2,029.47. Trading volume was moderate at 366.2 million shares worth 6 trillion won ($5.25 billion) with decliners far outpacing advancers 602 to 212.
Analysts said Seoul shares traded bearish as investors remained concerned over a possible U.S. rate increase in December.
“The market traded without a clear direction amid the rising possibility that the U.S. may seek a rate increase in December,” said Kim Young-gu, an analyst at Samsung Securities Co. “Shares tended to trade separately depending on their respective earnings report.”
Foreigners scooped up a net 41.1 billion won, and individuals bought more shares than they sold at 77.2 billion won. Institutions sold a net 128.2 billion won.
Market behemoth Samsung Electronics added 3.55 percent to 1,372,000 won after posting improved third-quarter earnings on Thursday. The firm also that said it plans to buy back 11.3 trillion won worth of its own shares in order to enhance shareholder value.
Lotte Chemical plunged 13.8 percent to 240,500 won. The company said Friday it will acquire a 31.5 percent stake in Samsung Fine Chemicals and buy 90 percent of Samsung SDI Co.’s chemical unit.
Samsung SDS shed 6.73 percent to 256,500 won after posting a disappointing earnings in the third quarter on Thursday. Its third-quarter operating profit shed 8.57 percent on-year.
Mobile carriers traded mixed, with SK Telecom falling 0.62 percent to 241,000 won while LG Uplus climbed 2.82 percent to 10,950 won. KT shed 1.5 percent to 29,550 won.
