SEOUL: South Korean shares ended in negative territory Monday as concerns spread about the export-driven economy due to the accelerating pace of export falls.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 12.43 points, or 0.59 percent, to 2,102.37 at the close. Trading volume stood at 420.72 million shares worth 5.7 trillion won (5.14 billion U.S. dollars).
The country’s exports tumbled 10.9 percent in May from a year earlier, keeping a downward trend for five months in a row. The export reduction accelerated from 0.9 percent in January to 3.3 percent in February, 4.3 percent in March and 8.1 percent in April respectively.
The KOSPI took off a weak start and stayed in negative terrain throughout the session as the negative trade data was announced before the opening bell.
Worries remained about the debt crisis in Europe as Greece might fall into default if the European nation fails to persuade its neighbors to offer additional bailout funds to the debt-ridden country.
Foreigners turned into net sellers in both spots and futures markets. Foreign and institutional investors reduced stock holdings by 33.4 billion won and 21.9 billion won each. Retail investors bought stocks worth 49.6 billion won.
Most large-cap shares lost ground. Market bellwether Samsung Electronics slid 1.2 percent to settle at 1,291,000 won, closing below the 1.3 billion won for the first time in about five months.
