South Korean stocks closed lower Tuesday as investors sat on the sidelines ahead of the release of the U.S. central bank’s minutes for April, analysts said. The South Korean won ended down against the greenback.

The benchmark Korea Composite Stock Price Index lost 3.88 points, or 0.19 percent, to 2,011.26. Trading volume was low at 240 million shares worth 3.66 trillion won ($3.57 billion), with losers outpacing gainers 478 to 320.

Analysts said Seoul shares closed lower mainly as investors took a wait-and-see approach to the Federal Open Market Committee’s April minutes slated to be revealed later this week, which may carry details on the future movement of its key rates.

“China and the eurozone’s Purchasing Managers’ Index, which will be released on Friday, also weighed down investors’ sentiment,” said Kim Ji-hyun, an analyst at Hanyang Securities.

The PMI is a gauge of the nationwide manufacturing activity of a country.

Despite the uncertainties, however, analysts said the KOSPI will still maintain an upward trend on the back of foreign buying.

“When the KOSPI turned to a downward trend in the past, the eurozone and the U.S. were suffering an economic slowdown,” said Min Byung-kyu, an analyst at Tong Yang Securities. “Currently, the situation is different, and the index is anticipated to remain above the 2,000 mark.”

Foreigners scooped up a net 253.2 billion won, while individuals sold a net 43 billion won. Institutions sold more shares than they bought at 222.3 billion won.

Builders lost ground, with Hyundai Engineering & Construction losing 0.73 percent to 54,700 won and Daelim Industrial losing 0.36 percent to 82,400 won. Daewoo Engineering & Construction gained 0.59 percent to 8,580 won.

Carmakers also closed bearish, with Hyundai Motor falling 1.5 percent to 230,000 won and its smaller sister Kia Motors losing 1.02 percent to 58,400 won. Auto parts maker Hyundai Mobis slipped 0.68 percent to 294,000 won.

In contrast, tech shares closed higher, with Samsung Electronics rising 0.21 percent to 1,451,000 won and chipmaker SK hynix adding 2.69 percent to 42,000 won. LG Display edged up 0.72 percent to 27,950 won.

Mobile carriers also gathered ground on the first day of business normalization after suspensions, with SK Telecom advancing 1.56 percent to 228,000 won and LG Uplus moving up 2.55 percent to 10,050 won. KT shed 1.72 percent to 32,500 won.

The local currency ended at 1,025.30 won to the U.S. dollar, down 3.3 won from Monday’s close.

(Yonhap)