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South Korean stocks closed unchanged Monday as protracted uncertainties over global growth weighed down investor sentiment despite forecast-beating U.S. growth data, analysts said. The local currency rose against the U.S. dollar.
After bobbing in and out of positive territory, the benchmark Korea Composite Stock Price Index finished at 1,891.52, up 0.09 points from Friday’s close. Trading volume was moderate at 365.6 million shares worth 4.11 trillion won ($3.74 billion) with losers outpacing gainers 564 to 263.
“Although the third-quarter U.S. growth was more than what we expected, the improvement came largely from consumption, meaning that the industrial sector is still struggling,” said Kim Chul-joong, an analyst from Korea Investment & Securities Co.
Washington reported on Friday the world’s largest economy grew 2.0 percent on-quarter in the July-September period, beating the earlier forecast of 0.8 percent.
Lingering concerns over the debt-mired eurozone and whether the U.S. will face a fiscal cliff, with its presidential election around the corner, capped the local market from seeking an upward move, Kim added.
Foreign and retail investors turned net sellers, unloading a net 125.6 billion won and net 122.2 billion won each.
Shares traded mixed, with autos retreating and shipping lines climbing, affected by the strong local currency. Industry leader Hyundai Motor lost 3.09 percent to 219,500 won and its logistic arm Hyundai Glovis gained 1.79 percent to 227,000 won.
“The recent won appreciation is definitely having an impact on currency-sensitive sectors,” Kim said.
Drawing a contrast to the market unnerved by persisting global uncertainties, domestic-related shares moved upwards, led by construction firms and food makers. Daewoo Engineering & Construction soared 4.03 percent to 9,540 won and confectionery maker Orion rose 0.87 percent to 1,049,000 won.
Shares of tech firms LG Electronics surged 2.74 percent to 75,000 won with LG Display soaring 7.63 percent to 32,450 won, on the back of upbeat quarterly earnings.
The local currency ended at 1,095.80 won against the greenback, up 1.2 won from Friday’s close, as investors sought after risky assets amid the won’s continued gaining streak, dealers said. (Yonhap News)
After bobbing in and out of positive territory, the benchmark Korea Composite Stock Price Index finished at 1,891.52, up 0.09 points from Friday’s close. Trading volume was moderate at 365.6 million shares worth 4.11 trillion won ($3.74 billion) with losers outpacing gainers 564 to 263.
“Although the third-quarter U.S. growth was more than what we expected, the improvement came largely from consumption, meaning that the industrial sector is still struggling,” said Kim Chul-joong, an analyst from Korea Investment & Securities Co.
Washington reported on Friday the world’s largest economy grew 2.0 percent on-quarter in the July-September period, beating the earlier forecast of 0.8 percent.
Lingering concerns over the debt-mired eurozone and whether the U.S. will face a fiscal cliff, with its presidential election around the corner, capped the local market from seeking an upward move, Kim added.
Foreign and retail investors turned net sellers, unloading a net 125.6 billion won and net 122.2 billion won each.
Shares traded mixed, with autos retreating and shipping lines climbing, affected by the strong local currency. Industry leader Hyundai Motor lost 3.09 percent to 219,500 won and its logistic arm Hyundai Glovis gained 1.79 percent to 227,000 won.
“The recent won appreciation is definitely having an impact on currency-sensitive sectors,” Kim said.
Drawing a contrast to the market unnerved by persisting global uncertainties, domestic-related shares moved upwards, led by construction firms and food makers. Daewoo Engineering & Construction soared 4.03 percent to 9,540 won and confectionery maker Orion rose 0.87 percent to 1,049,000 won.
Shares of tech firms LG Electronics surged 2.74 percent to 75,000 won with LG Display soaring 7.63 percent to 32,450 won, on the back of upbeat quarterly earnings.
The local currency ended at 1,095.80 won against the greenback, up 1.2 won from Friday’s close, as investors sought after risky assets amid the won’s continued gaining streak, dealers said. (Yonhap News)
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Articles by Korea Herald
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