SEOUL: South Korean stocks ended 0.62 percent lower Wednesday as investors took a breather following a recent rally that sent the main stock index to yearly high, analysts said. The Korean won shot up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index slumped 12.58 points to 2,028.45. Trading volume was heavy at 523 million shares worth 5.2 trillion won ($4.7 billion), with gainers outnumbering decliners 423 to 395.
“Overnight losses on Wall Street, as well as recent gains, prompted investors to step to the sidelines. It also seems that investors are waiting to see how Samsung Electronics’ first-quarter earnings turn out,” said Han Yo-seop, an analyst at KDB Daewoo Securities Co.
The KOSPI has been climbing higher as investors bet on a global easing wave. The index closed at 2,042.81 on March 25, the highest this year.
Samsung Electronics, the country’s biggest market-cap firm, is expected to release its first-quarter earnings estimate next week.
