South Korean stocks closed 0.1 percent lower Thursday as institutional investors unloaded local shares, tracking overnight falls in U.S. stock markets, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index declined 2.03 points to 1,998.34. Trading volume was light at 227.9 million shares worth 3.51 trillion won ($3.38 billion), with losers outnumbering gainers 512 to 289.

“The KOSPI seemed to try to test the 2,000 level, but it did not look easy as investors’ caution over corporate earnings results lingers,” said Bae Sung-young, an analyst at Hyundai Securities Co.

“The KOSPI is likely to maintain its lackluster trading for a while.”

Investor sentiment remained fragile though the central bank said that the Korean economy grew 3.9 percent in the first quarter from a year earlier, the fastest on-year gain in three years.

Foreign investors bought a net 55.9 billion won worth of local stocks on the main bourse. But institutional selling pressure sent the KOSPI lower.

Tech shares ended mixed. Market bellwether Samsung Electronics added 1.3 percent to 1,407,000 won, and chip giant SK hynix rose 0.37 percent to 40,900 won, with the company saying its net income soared more than fourfold in the first quarter. Flat panel giant LG Display declined 0.86 percent to 28,750 won.

Top automaker Hyundai Motor shed 1.22 percent to 242,000 won as it posted a net profit of 2.03 trillion won in the first quarter, down 2.9 percent from a year earlier. Its affiliate Kia Motors declined 0.34 percent to 58,000 won.

The local currency ended at 1,039.20 won to the greenback, up 0.6 won from Wednesday’s close as foreign investors snapped up local stocks, dealers said. (Yonhap)