SEOUL: South Korean stocks edged down 0.34 percent Wednesday to take a breather after a four-day gaining run, with investors wary amid geopolitical risks in Turkey. The local currency added against the greenback.
The benchmark Korea Composite Stock Price Index shed 6.87 points to 2,009.42. Trading volume was moderate at 384.3 million shares worth 4.18 trillion won ($3.64 billion), with losers outpacing gainers 467 to 332.
Analysts said Seoul shares closed lower following concerns that the latest attack on a Russian jet by Turkey on Tuesday may spread to further geopolitical instabilities.
Investors also sat on the sidelines to wait for other market-moving indicators after the consecutive increases posted over previous sessions helped by the eased U.S. rate uncertainties.
“Since last week, South Korean shares had been gaining ground as investors became indifferent to the scheduled U.S. key interest rate hike,” said Bae Sung-young, an analyst at Hyundai Securities Co. “But in order to sustain the growth, institutions must buy more shares, while foreigners offload less.”
Foreigners sold a net 209.3 billion won, while individuals bought a net 14.3 billion won. Institutions scooped up a net 89.2 billion won.
Carmakers closed bearish, with No. 1 Hyundai Motor falling 2.26 percent to 151,500 won and Kia Motors moving down 3.43 percent to 53,500 won. Auto parts maker Hyundai Mobis closed unchanged at 2.26 percent.
Steelmakers also ended weak, with POSCO and Korea Zinc closing flat from the previous trading session. Hyundai Steel lost 1.38 percent to 50,100 won.
Market behemoth also closed steady at 1,299,000 won. Top chipmaker SK hynix advanced 5.63 percent to 31,900 won, and LG Display climbed 5.73 percent to 24,900 won.
Top portal operator Naver also moved up 1.45 percent to 630,000 won.
The local currency ended at 1,143.40 won against the greenback, up 10.4 won from Tuesday’s close.
