SEOUL: South Korean stocks closed marginally lower Friday, as investors opted to lock in part of recent gains spurred by the U.S. Federal Reserve’s dovish stance on its monetary policy, analysts said. The local currency lost ground against the U.S. dollar.
The Korea Composite Stock Price Index (KOSPI) fell 0.65 point, or 0.03 percent, to 2,037.24. Trading volume was moderate at 345.9 million shares worth 5.12 trillion won (US$4.56 billion) with decliners outpacing gainers 409 to 407.
Analysts said the KOSPI, which bobbed in and out of negative terrain over the session, lost momentum after what had been long anticipated from the Fed. On Wednesday (U.S. time), the top U.S. monetary policy body removed the word “patient” in the statement regarding the rate hike expected as soon as June, in a more dovish manner than expected.
They, however, pointed out that the local STOCK MARKET has seen a continued inflow of foreign capital into the local stock market over the week, which may be a positive signal for the main index to move upward.
