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South Korean stocks ended 0.21 percent lower Wednesday as investors stepped to the sidelines amid worries over weakening oil prices and financial instability in Russia while waiting for the results of a Fed policy meeting, analysts said. The local currency fell against the U.S. dollar.
After opening higher on institutional bargain hunting, the benchmark Korea Composite Stock Price Index fell 3.97 points to close at 1,900.16, falling for a third straight session.
Trading volume was moderate at 299.3 million shares worth 4 trillion won ($3.7 billion), with decliners outnumbering gainers 412 to 389.
“Fears over a possible financial crisis in Russia stoked investor fear, despite the fact that the country‘s exposure is not that large. Investors also continued to fret over weakening oil prices,” said Cho Byung-hyun, an analyst at Yuanta Securities Korea.
“Another factor that prompted investors to pull back is the results of the Federal Open Market Committee meeting. Those may come as a bit of a shock if the U.S. strides ahead with its own plan (on its key interest rate) without considering external circumstances,” he said. The results of the two-day meeting are due early Thursday (Seoul time).
Key exporters ended on negative territory, with market bellwether Samsung Electronics falling 1.02 percent to 1,266,000 won.
Top automaker Hyundai Motor and its sister, firm Kia Motors, closed lower on concerns the Russian crisis may hurt sales. Hyundai Motor slumped 3.15 percent to 169,000 won and Kia Motors tumbled 4.55 percent to 52,500 won.
Poultry processor Harim plunged 13.49 percent to 3,430 won after making a sole bid for Pan Ocean, the country’s biggest bulk carrier that has been priced at around 1.06 trillion won. Pan Ocean dropped 6.18 percent to 2,505 won.
In contrast, Samsung SDS which began trading in mid-November, rose 1.22 percent to 290,000 won, stemming a four-session losing streak.
Oil refiners also ended higher, with SK Innovation adding 2.23 percent to 87,100 won.
The local currency ended at 1,094.9 won against the U.S. dollar, down 8.2 won from Tuesday‘s close. (Yonhap)
After opening higher on institutional bargain hunting, the benchmark Korea Composite Stock Price Index fell 3.97 points to close at 1,900.16, falling for a third straight session.
Trading volume was moderate at 299.3 million shares worth 4 trillion won ($3.7 billion), with decliners outnumbering gainers 412 to 389.
“Fears over a possible financial crisis in Russia stoked investor fear, despite the fact that the country‘s exposure is not that large. Investors also continued to fret over weakening oil prices,” said Cho Byung-hyun, an analyst at Yuanta Securities Korea.
“Another factor that prompted investors to pull back is the results of the Federal Open Market Committee meeting. Those may come as a bit of a shock if the U.S. strides ahead with its own plan (on its key interest rate) without considering external circumstances,” he said. The results of the two-day meeting are due early Thursday (Seoul time).
Key exporters ended on negative territory, with market bellwether Samsung Electronics falling 1.02 percent to 1,266,000 won.
Top automaker Hyundai Motor and its sister, firm Kia Motors, closed lower on concerns the Russian crisis may hurt sales. Hyundai Motor slumped 3.15 percent to 169,000 won and Kia Motors tumbled 4.55 percent to 52,500 won.
Poultry processor Harim plunged 13.49 percent to 3,430 won after making a sole bid for Pan Ocean, the country’s biggest bulk carrier that has been priced at around 1.06 trillion won. Pan Ocean dropped 6.18 percent to 2,505 won.
In contrast, Samsung SDS which began trading in mid-November, rose 1.22 percent to 290,000 won, stemming a four-session losing streak.
Oil refiners also ended higher, with SK Innovation adding 2.23 percent to 87,100 won.
The local currency ended at 1,094.9 won against the U.S. dollar, down 8.2 won from Tuesday‘s close. (Yonhap)
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Articles by Korea Herald
