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South Korean stocks closed almost flat Tuesday as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms' second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.71 points, or 0.04 percent to close at 1,855.02. Trading volume was high at 479.6 million shares worth 3.84 trillion won ($3.39 billion) with gainers outpacing losers 431 to 379.
"Seoul shares traded flat as investors' sentiment was dented by the rising concerns over the Chinese economy, despite (reports) that its manufacturing activity for June met its target," said Lim Dong-rak, an analyst at Hanyang Securities Co.
"Investors also sat on the sidelines as Samsung Electronics and other major listed firms are slated to announce their second-quarter performance soon," Lim said. "Such uncertainties will continue to weigh down on the market."
Foreigners purchased more shares than they sold at 37.8 billion won, and institutions also scooped up a net 29.6 billion won. In contrast, individuals sold a net 60.8 billion won.
SK hynix, the leading chipmaker, fell 8.72 percent to 28,800 won as Hong Kong-based investment bank CLSA issued a selling recommendation on the firm citing a gloomy earnings outlook. Market behemoth Samsung Electronics added 0.68 percent to 1,335,000 won.
Carmakers also lost ground as investors took a breather after sharp gains tallied over the recent trading sessions, with Hyundai Motor losing 3.36 percent to 215,500 won and its smaller affiliate Kia Motors decreasing 4.84 percent to 59,000 won.
In contrast, STX Group's troubled shipbuilder STX Offshore & Shipbuilding gained 6.86 percent to 3,270 won on the rising hope for a normalization of the company. STX Heavy Industries also added 5.9 percent to 1,975 won.
Logistics firms closed bullish, with CJ Korea Express adding 3.36 percent to 101,500 won and leading air carrier Korean Air rising 0.5 percent to 30,450 won. Hyundai Merchant Marine advanced 1.79 percent to 14,200 won.
The local currency ended at 1,134.00 won against the U.S. dollar, down 1.60 won from the previous trading session due to local energy firms' demand for the greenback, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries shed 0.05 percentage point to 2.94 percent, and the return on the benchmark five-year government bonds moved down 0.07 percentage point to 3.18 percent. (Yonhap News)
The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.71 points, or 0.04 percent to close at 1,855.02. Trading volume was high at 479.6 million shares worth 3.84 trillion won ($3.39 billion) with gainers outpacing losers 431 to 379.
"Seoul shares traded flat as investors' sentiment was dented by the rising concerns over the Chinese economy, despite (reports) that its manufacturing activity for June met its target," said Lim Dong-rak, an analyst at Hanyang Securities Co.
"Investors also sat on the sidelines as Samsung Electronics and other major listed firms are slated to announce their second-quarter performance soon," Lim said. "Such uncertainties will continue to weigh down on the market."
Foreigners purchased more shares than they sold at 37.8 billion won, and institutions also scooped up a net 29.6 billion won. In contrast, individuals sold a net 60.8 billion won.
SK hynix, the leading chipmaker, fell 8.72 percent to 28,800 won as Hong Kong-based investment bank CLSA issued a selling recommendation on the firm citing a gloomy earnings outlook. Market behemoth Samsung Electronics added 0.68 percent to 1,335,000 won.
Carmakers also lost ground as investors took a breather after sharp gains tallied over the recent trading sessions, with Hyundai Motor losing 3.36 percent to 215,500 won and its smaller affiliate Kia Motors decreasing 4.84 percent to 59,000 won.
In contrast, STX Group's troubled shipbuilder STX Offshore & Shipbuilding gained 6.86 percent to 3,270 won on the rising hope for a normalization of the company. STX Heavy Industries also added 5.9 percent to 1,975 won.
Logistics firms closed bullish, with CJ Korea Express adding 3.36 percent to 101,500 won and leading air carrier Korean Air rising 0.5 percent to 30,450 won. Hyundai Merchant Marine advanced 1.79 percent to 14,200 won.
The local currency ended at 1,134.00 won against the U.S. dollar, down 1.60 won from the previous trading session due to local energy firms' demand for the greenback, dealers said.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasuries shed 0.05 percentage point to 2.94 percent, and the return on the benchmark five-year government bonds moved down 0.07 percentage point to 3.18 percent. (Yonhap News)
