South Korean stocks closed 0.36 percent lower Friday as investors sat on the sidelines due to the weak growth momentum in the market, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index shed 7.04 points to finish at 1,944.56. Trading volume was low at 274.5 million shares worth 4 trillion won ($3.6 billion) with gainers outnumbering decliners 428 to 365.

“Investors took a wait-and-see approach due to the lack of upward momentum in the stock market,” said Bae Sung-young, an analyst at Hyundai Securities Co. “Foreign investors offloaded local shares accordingly.”

Foreigners sold more shares than they bought at 118 billion won, while retail investors and institutions scooped up more shares at 42.7 billion won and 80.2 billion won, respectively.

“However, the decline was limited as local firms posted better-than-expected performances in the first quarter,” Bae added. Samsung Electronics, the world’s top maker of computer memory chips and smartphones, said Friday its first-quarter profit spiked 42 percent from a year earlier, buoyed by robust shipments of its flagship Galaxy S3 handsets.

Samsung Heavy Industries, a major South Korean shipbuilder, also said its first-quarter net profit soared 19 percent from a year earlier on the back of increased demand for high-priced ships. (Yonhap News)