SEOUL: South Korean stocks closed a tad lower Thursday as investor sentiment was dented by the stalled talks on a Greek bailout, analysts said. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.47 points, or 0.02 percent to 2,085.06. Trading volume was moderate at 565.3 million shares worth 5.83 trillion won (US$5.25 billion), with losers outpacing gainers 406 to 402.
The KOSPI had gained ground for the sixth consecutive trading session through Wednesday amid hopes that the Greece debt problem would be settled soon.
However, investor sentiment was chilled as the Greek bailout negotiations made little progress, which made a dent in the global stock markets overnight.
On Wednesday, the Dow Jones industrial average lost 0.98 percent and the tech-laden NASDAQ composite index also surrendered 0.73 percent.
“Large-cap shares took a hit from overnight Wall Street losses,” said Bae Sung-young, an analyst at Hyundai Securities Co. “The market failed to get a boost from a government plan to expand fiscal spending in order to bolster the economy.”
