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South Korean stocks fell 0.32 percent Monday as investors took a wait-and-see approach on the United States Federal Open Market Committee meeting slated for this week, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index shed 6.14 points to close at 1,883.10. Trading volume was low at 258.6 million shares worth 3.19 trillion won ($2.83 billion) with losers outpacing gainers 594 to 221.
On Thursday, the index fell below the 1,900-point mark for the first time since Nov. 22, 2012 to close at 1,882.73.
“Investors sat on the sidelines as they eyed on the FOMC’s decision on the U.S. economic stimulus measures,” said Lim Soo-kyun, a researcher at Samsung Securities Co.
Market watchers said the International Monetary Fund’s decision to lower the U.S. economic growth outlook for 2014 to 2.7 percent from the previous estimate of 3 percent also weighed down on investors’ sentiment.
Foreigners offloaded 64.2 billion won worth of local equities, marking the seventh straight session of a selling spree. Retail investors sold a net 62.6 billion won, while institutional investors scooped up a net 132.8 billion won.
GS Engineering & Construction fell 4.56 percent to 29,300 won after the country’s financial watchdog said it may open a special audit on the builder for fraudulent accounting.
Other builders also closed bearish, with Daelim Industrial losing 1.39 percent to 91,900 won and Hyundai Engineering & Construction declining 1 percent to 59,600 won. (Yonhap News)
The benchmark Korea Composite Stock Price Index shed 6.14 points to close at 1,883.10. Trading volume was low at 258.6 million shares worth 3.19 trillion won ($2.83 billion) with losers outpacing gainers 594 to 221.
On Thursday, the index fell below the 1,900-point mark for the first time since Nov. 22, 2012 to close at 1,882.73.
“Investors sat on the sidelines as they eyed on the FOMC’s decision on the U.S. economic stimulus measures,” said Lim Soo-kyun, a researcher at Samsung Securities Co.
Market watchers said the International Monetary Fund’s decision to lower the U.S. economic growth outlook for 2014 to 2.7 percent from the previous estimate of 3 percent also weighed down on investors’ sentiment.
Foreigners offloaded 64.2 billion won worth of local equities, marking the seventh straight session of a selling spree. Retail investors sold a net 62.6 billion won, while institutional investors scooped up a net 132.8 billion won.
GS Engineering & Construction fell 4.56 percent to 29,300 won after the country’s financial watchdog said it may open a special audit on the builder for fraudulent accounting.
Other builders also closed bearish, with Daelim Industrial losing 1.39 percent to 91,900 won and Hyundai Engineering & Construction declining 1 percent to 59,600 won. (Yonhap News)
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Articles by Korea Herald
