SEOUL: South Korean shares ended in negative territory for five sessions in a row Thursday as economic indicators at home and aboard showed downbeat pictures.
The benchmark Korea Composite Stock Price Index (KOSPI) slid 15. 46 points, or 0.72 percent, to 2,127.17 at the close. Trading volume stood at 497.73 million shares worth 6.02 trillion won (5. 62 billion U.S. dollars).
The KOSPI took off a weak start on Wall Street losses overnight caused by worse-than-expected GDP data in the United States. The world’s largest economy grew 0.2 percent in the first quarter, missing market expectations and lower than the previous quarter.
The U.S. Federal Reserve negatively assessed the U.S. economy, saying that the rate increase would be made only after ensuring an improved labor market and an inflation moving into its target level of 2 percent.
South Korea’s industrial production reduced 0.6 percent in March from a month earlier after growing in the prior month. Retail sales declined 0.6 percent last month, indicating the still lackluster private consumption.
Market watchers said that the KOSPI has been in a natural correction mode after recent surges, expecting a sharp rebound in the near future.
